Susan and Bob: Standing Together, Consumer Proposal in Pickering

Dealing with Disaster

Life had been good to Susan and Bob (not their real names). They had successful carers, three wonderful grown children and a lovely home in Pickering.

And then, it all changed.

At 53 Bob was in a car accident that resulted in a serious spinal injury – requiring extended hospitalization, multiple surgeries and years of therapy.

While Susan was initially able to take time off from work to be with Bob, eventually she had to give up her job and focus full-time on Bob’s recovery.

Bob had insurance, but it was not sufficient to cover all their costs. As a result, during the first 3 years following the accident – they used up their savings, cashed in their RRSPs, took out a second mortgage, ran up an unsecured line of credit, and maxed out their credit cards.

Their adult children stepped in and began paying their mortgages. While Bob and Susan were grateful, they hated being a burden to their children.

Even with the mortgages being paid by the children, Susan and Bob were unable to keep the credit card payments current. They began receiving collection calls that added stress to their already stressful lives – so they decided to see if they should file for bankruptcy.

All three of their children expressed concern over their parents loosing their home (even though there was no equity left in it), and were deeply worried about how declaring bankruptcy would affect their parents’ self esteem. They made it very clear to Bob and Susan that they were able and willing to continue paying the mortgages for as long as it took.

Susan and Bob set up an appointment at David Sklar & Associates to explore their options.

*** ***

They met with Jackie Stanley, an experienced and caring Estate Administrator, who reviewed their finances and options. Bob and Susan were delighted to discover that they might be able to file a consumer proposal, which, if accepted, would stop the collection calls, enable them to keep their home (as long as the mortgage payments continued to be paid), pay off a portion of their unsecured debt – and avoid bankruptcy.

At the time of the meeting they had no assets beyond the basic exemptions, had a monthly net income of $2,000 from insurance, and had the following unsecured debt:

Credit Cards: $41,850
Line of Credit: $21,500
Total Unsecured Debts: $63,350

They reviewed their options with the trustee and decided to make a consumer proposal to their creditors. They offered to repay a portion of their $63,000 of unsecured debt in 60 monthly payments of $335. Their offer was accepted by their unsecured creditors.

One year into their consumer proposal, Susan was able to return to work and take over the mortgages payments from their children. Bob eventually found part-time work that enabled them to speed up the repayment of the proposal.

Being able to avoid bankruptcy and stop the collection calls, made a major difference to both Susan’s and Bob’s ability to cope and get on with their lives.

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 and live in the Toronto area, call us at 416-498-9200 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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Ready to live debt free?

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
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