Russell: Overcoming Gambling Debt

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Building a Better Life by Design Not Chance

At 44, Russell (not his real name) began to come to terms with his compulsive gambling, and joined a 12-step program. As he advanced in recovery, he started to take responsibility for his failed first marriage, his first Bankruptcy, and his outstanding Gambling debt.

Russell’s first marriage had ended when he was 36, with a Bankruptcy brought on by his gambling. He not only damaged his credit history, lost his house, and lost his wife – his wife was forced to declare Bankruptcy due to his compulsive gambling which impacted their joint debts.

There were no children in his first marriage, and during their divorce, his wife did not ask for alimony – so, once the Bankruptcy was completed, Russell, who was a mid-level manager, was free to spend his sizable net income as he chose.

In the intervening years, Russell’s income fluctuated between $3,000 and $4,000 net per month but he had nothing to show for it. He lived in a not-so-nice rented apartment, drove an old car, and had ever-increasing debts. All of his disposable income (and more) was spent on gambling.

Russell’s decision to break free and address his gambling problem was a difficult one, and one he took seriously.

As he moved further into recovery, Russell realized that paying off his outstanding debts was an essential step in his recovery. Knowing that he could never reasonably repay his unsecured debts on his own, Russell decided to seek the services of a Bankruptcy Trustee.

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During his initial appointment at David Sklar & Associates, Russell and his Estate Administrator, Cori Naron reviewed his financial situation:

7 Credit Cards Debt$15,900
Unsecured Bank Loan$1,400
Payday Loan$1,200
3 ‘Other’ Unsecured Loans$15,200
Total Unsecured Debt$33,700

 

He had $2,500 left owing on his 8-year-old car and his average income was $2,900 net per month.

Cori presented various options to Russell.

If he decided to file for a second Bankruptcy, he would be looking at a Bankruptcy period of 36 months and his monthly payments during the Bankruptcy would be at least $515 per month. Once his Bankruptcy was complete, his credit history would show his second Bankruptcy for 14 years.

If he decided to file a Consumer Proposal (and it was accepted by his creditors), he would be looking at a 60 month period with monthly payments of approximately $240. Once his Consumer Proposal was successfully completed, his credit history would show a Consumer Proposal for six to seven years.

Without the structure of a Bankruptcy or a Consumer Proposal, Russell felt he would not be able to repay his unsecured debts. After carefully reviewing all of his options, he chose to file a Consumer Proposal. David Sklar & Associates filed the Proposal and presented it to his creditors. His Proposal was accepted by his creditors, and Russell began fulfilling the terms, which included monthly payments of $240 and completion of mandatory financial counselling sessions.

At the time of this writing, Russell has three years left to go on his Proposal, continues to work on his recovery, and is building a brighter future for himself.

To protect our client’s privacy, details of this case have been altered.

Take Your First Step Towards A Debt Free Life

If you are overwhelmed by debt, call us at 1-844-962-9200 to book a FREE, confidential appointment. We will review your financial situation in detail and discuss all of your options with you. Alternatively, you can fill out the form below and our team will reach out to you. 

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Great experience i was in financial trouble and someone of my friends recommended this company. Cori is a wonderful and welcoming person she did a very good job and came up with a smooth and flexible monthly payment after the reduction. i highly recommend this company. Thank you David sklar and special thanks to Cori.❤️🙏🏻
Jasmine Joseph
22:08 13 Jan 23
Met up with Mr. Jason Sklar to discuss more in person, very thorough and clear. He is very kind and thoughtful, I will be referring anyone with the same situation to David Sklar & Associates.
Ariel Domingo
02:33 29 Dec 22
I was a reck talking yo Jason Sklar was easy comfortable he explained everything and put my mind at ease I would recommend the team od sklar to everyone. I have already talked to my ci workers about them
kevin mcweeney
01:13 22 Dec 22
The team at David Sklar & Associates is fantastic.I worked with Jerry whom not only made - what seemed like intimidating process to initiate at first - comfortable.He made everything transparent and took the time to explain the process every step of the way.He was kind, attentive, and professional. Everything was made straightforward and stress free and we found a solution together that worked.Thanks to Jerry and the team.
Jordie Angiolillo
18:22 21 Dec 22
From day one till the end which is today😁 DavidSklar gave me a 5star service and treatment. And I will 100% recommend him and his Associates. This is the best Christmas present ever! Thank you David! More business to come! Merry Christmas and a Happy New Year!!!
barbee diaz
16:37 16 Dec 22
I FOUND DAVID SKLAR & ASSOCIATES BY GOOGLING "BANKRUPTCY" (EARLY NOV. 2021). ON NOV.4, 2021 I HAD A MEETING WITH CORI NARON AT HER OFFICE AT ST CLAIR ANDBATHURST. HER POSITIVE APPROACH TURNED ASTRESSFUL SITUATION INTO A STEP BY STEP UNDERSTANDABLE PROCESSON SEPT. 23, 2022 I OBTAINED MY AUTOMATICDISCHARGE FROM BANKRUPTCY AND MY CERTIFICATE OFDISCHARGE.THANK YOU CORIBRUCE BURGESS
bruce burg
21:35 02 Dec 22
Jerry was wonderful and provided superb service. He is very knowledgeable, trustworthy, and made an intimidating and shame filled time in my life stress free. I hesitated for a long time to take the next step, but Jerry answered all questions, was patient and made the process effortless. I am eternally grateful, and highly recommend Jerry’s services.
M J
18:41 01 Dec 22
Jerry was professional and was easy to deal with
Debbie Asquith
00:09 29 Nov 22
I was quite nervous and a little embarrassed that I needed financial advice. I met with Jerry Janiec and he was very helpful. He made me feel comfortable and explained everything in easy to understand terms so that I understood what my options were. I would recommend David Sklar & Associates for anyone in my position.
Melissa Blackburn
19:53 17 Nov 22
I was fortunate enough to be referred to David Sklar & Associates Inc. by a family member. Now in the10th month of a Consumer Proposal process, I am very impressed with the organization, professionalism and impeccable customer representation that I have experienced. To this effect, I amparticularly thankful to Jerry Janiec and Rhoda Lewis for their excellent work.
Suzanna Vaclavik
12:21 16 Nov 22
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