Anna: A Frightened Senior With Credit Card Debt & Bankruptcy

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

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I cannot emphasize enough how thankful I am for Jackie Stanley's help with filing for bankruptcy.All of us dread being put in this position and we have a million questions about the process but trust me Jackie makes it so easy for you that you don't have to do anything yourself!She is very kind and friendly and puts you at ease right away. She emphasizes with you and let's you know it's not your fault.Most importantly when you leave that first meeting you will not believe the load that is taken off your shoulders. You can actually feel it!You are a godsend Jackie and I can't thank you enough!!I hope you are highly valued there as much as you are by me!
Sue Murray
18:45 05 Dec 21
Putting together and executing a Consumer Proposal can be daunting, that is unless you work with Cori Naron at David Sklar & Associates Inc. Cori's advice and support has been instrumental over the past five years. Thank you Cori!!
Barry Kuntz
20:37 01 Dec 21
I’m very happy with the services I received for Jackie Stanley who helped me get my finances in order. It was a quick and easy process & all of my questions were answered.
Amanda Frappier
01:18 19 Nov 21
I have had the privilege of being supported by Jackie at David Sklar Associate. She was very helpful, very professional and very friendly. She gave me the help I need. Thank you Jackie for your help.
Alex Taylor
22:03 17 Nov 21
Got my probe solved, great service
arny raposo
17:02 11 Nov 21
Jackie at Daivid Sklar and Associates is such a pleasure to work with. She explained everything in great detail and is always there when I have a question or concern. She really cares about her clients.
Steve Medica
09:33 10 Nov 21
I filed a proposal with another group, which came in as a referral from one of my brokers. My experience went from ok to bad to worse, due to lack of communication and education on the process I was to embark on. I worked with Cori Naron in the past, and I came to her now for help on literally doing the work that the other group should have done. Cori stepped in, educated me, advised on rights, responsibilities, how the process works and what potential outcomes may happen. I do not have enough words of recognition and gratitude for what she did - she alleviated stress, anxiety, dead-end thoughts and she made me live again. Congrats to DSklar for hiring her and retaining such talent.
Giani Kokolakis
18:45 25 Oct 21
Very professional service. Before contacting David Sklar & Associates i contacted bunch of other firms they seemed fishy. After I spoke with Jason Sklar at Hamilton Office I discovered professionalism with hope. I was explained every step of my situation with solution professionally. Thank you David Sklar & Associates.
Wajay Awan
07:29 12 Oct 21
I met David a few months ago and i am glad I did. He has helped me all the way through my bankruptcy with good advice and explained every step of the process. David is a very down to earth and very professional. Anytime I've had a question I was able to reach out to David by phone or email and he always got back to me. If your struggling with your bills and need a way to get help, I strongly recommend David Sklar &Associates to help you. My experience with them on 1-5scale would be a 5;; My life is so much better now, thanks to David Sklar.
Bruce Locke
16:13 08 Oct 21
I have had the privilege of being supported by Jackie S, at David Sklar n Associate.She was helpful, professional and friendly. I was able to get the help I needed at a difficult time in my life. I would recommend anyone who needs support with working out their debts to ask for Jackie, she will be waiting to assist however she can to help you through your debts. She works with a team who is always ready and responsive.Thank you Jackie and your team:)
Denise Simpson
15:17 09 Sep 21