Anna: A Frightened Senior With Credit Card Debt & Bankruptcy

Table of Contents

A Senior Defeats Fear with Help

Looking for a better life, Anna (not her real name) and her husband moved to Toronto in the late 1970’s. Both found steady jobs and were able to provide their children with a comfortable life.

While they were never able to save enough to buy a home or put much aside for retirement, on the whole they were content.

After retirement – their lives changed.

It took Anna a while to get used to living on a significantly reduced income and initially she used her credit cards to fill in the gap. This proved to be a costly mistake.

Unable to repay her cards in full, Anna was only able to make minimum payments for the next several years.

Over time, the couple’s health deteriorated – till it reach the point that their daughter Sharon, was visiting them daily to cook their meals and make sure they were taking their medications.

One day, when Sharon came to check on them, she discovered her 72 year-old mother in tears. Anna finally told her how she had been making minimum payments for years, but had somehow fallen behind and now she was getting ‘nasty’ calls from the credit card companies. The latest call had been a threat to take her to court. Anna feared she would be put in jail.

Once Sharon found out more about her parent’s bad finances – she knew they needed help. A friend, who had filed a consumer proposal several years earlier, recommended Jackie Stanley, an Estate Administrator at David Sklar & Associates.

Sharon called and set up an appointment.

Since the only debts owing were credit cards in Anna’s name alone, and her husband was not well enough to attend the meeting, it was decided that Sharon would go with her mother to meet with Jackie.

To prepare her mother for the meeting, Sharon helped her to organize her paper work and set up a simple, workable budget. However, Anna remained stressed and fearful.

*** ***

When Anna met with Jackie, she began to realize that her fears of jail were unfounded and that her financial problems could be fixed.

Basically, Anna owed $15,500 on two credit cards, had no assets that could be distributed to her creditors, and her household income (after accounting for medical expenses) was below the surplus income level.

Since Anna was insolvent, she might be able to file a consumer proposal or file for bankruptcy. After exploring her options with Jackie and the trustee, she decided that bankruptcy would be her best option.

Anna filed for bankruptcy. As a first-time bankrupt, it took 9 months to complete. During her bankruptcy, she paid a monthly administration fee of $200, attended two credit counselling sessions, and submitted monthly reports on her income and spending. At the end of her bankruptcy, Anna was released from the credit card debt.

For Anna, perhaps the greatest outcome was that once she filed – her creditors stopped calling her – and her life became less stressful.

To protect our clients’ privacy, aspects of this case study 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. 

Share This!

I worked primarily with Christine, who was very friendly and outgoing. She was quick to help me, and explained everything I needed to know very well. She's quick to answer any questions I may have as well. The other members I spoke with were also very kind and jovial, and were happy to help me with anything they could. They made sure my proposal fit within my budget, and got everything going very quickly. I was happy to work with them, and would highly recommend their very friendly service!
Melissa McAllister
1695841291
Very processional and understanding of my situation. Thanks to all your team.
Luc Valade
1695320109
Jennifer Norton's exceptional assistance with my consumer proposal was life-changing. Her professionalism, expertise, and dedication were evident from the start. Jennifer's thorough explanations and attention to detail created a tailored proposal that set a clear path to financial freedom. She went above and beyond, advocating for my best interests and providing invaluable support. Thanks to Jennifer, I'm on track to a stress-free financial future. I wholeheartedly recommend her – she's not just a financial expert; she's a life-changer. Thank you, Jennifer!
Thomas
1695089142
They made a difficult situation, easy thank you.
Ray Barkley
1694806611
I had a great experience with Christine from David Sklar & associates. Very professional, and easy to get through. Thank you
fukinwith doug
1694804075
Great customer service and a smooth process to get your finances on track. Informative and thorough.
Adrian Downey
1694799042
From the moment I sat down in the office, I felt welcome and at ease. Grace Cuffaro was both friendly and highly informative. She is extremely knowledgeable and answered all of my questions in detail, making sure I understood before moving on. I was reassured throughout the process that I was making the right decision and that it was not uncommon nor anything to be ashamed of. I didn't expect my appointments to be such positive experiences, but that's exactly what they've been!
P Bains
1694670814
I was in a tough financial position and found myself searching for relief. I came across David Sklar & Associates page when doing my research on financial advice. The reviews were amazing, but I was concern because I didn’t know what to expect. I made the decision to set up a consultation and had the pleasure to meet with Jennifer Norton. Right from the beginning, she was attentive, knowledgeable, and pleasant to meet with. The experience was painless and very educational. Jennifer made sure I understood my choices, answered my questions, and concerns promptly, in person, over the phone and via email. I’ve been working with Jennifer for a couple months now and I am pleased that Jennifer is the manager handling my file. I would and have recommend Jennifer Norton, David Sklar & Associates to anyone in need of direction regarding finances.
A.L Thompson-Lawrence
1694547608
I had my first meeting with Jennifer, she was really understanding and extremely helpful, and got everything done in a timely manner.
Tamas Wint
1694534757
Jennifer Norton has been the most helpful throughout this truly embarrassing situation that I find myself in. She is informative, understanding, and there is absolutely no judgment. She has handled everything in a very professional and respectful manner and I am SO glad that I have them on my side. Definitely a huge weight off my shoulders.
Jody T
1694533927
js_loader
DS david skalr icon

Book your free consultation.

Call 1-844-962-9200 or fill out the form below. We’ll do the rest.

Contact Us