Stan & Michel: A Consumer Proposal for Debt

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Stan & Michel – Consumer Proposal

Stan and Michel (not their real names) were well educated professionals with successful careers in the Toronto area. With one child, a lovely home and a promising future, their lives were on a sound footing.

When Stan’s company went out of business, they expected that Stan, given his education and excellent work history, would be able to find another job quickly. However, weeks turned into months and despite his best efforts, he was unable to find a suitable job.

Fortunately, they were able to make their house payments and take care of most of their bills with Michel’s salary, but they were sliding into debt.

Job Loss & Medical Issues

Then, 11 months after losing his job, Stan was dealt another blow – he was diagnosed with a serious medical condition that required surgery and a lengthy recovery. During this time, their bank, when renewing their mortgage, insisted that Stan’s name be removed from the title of their home.

Although Stan and Michel did their best to remain optimistic, Stan’s prolonged health issues and unemployment were increasingly difficult to cope with.

After nearly 5 years of unemployment, it was clear that if their finances remained as they were, they would have no savings for their daughter’s education or their retirement.

Although Michel’s salary had been able to make the minimum payments on Stan’s credit cards and unsecured bank loan – they were not able to pay off his debts. After much discussion and thought, they decided to contact David Sklar & Associates to see what could be done.

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During their initial appointment with David Sklar & Associates, they met with Estate Administrator, Trina Powell and reviewed Stan’s finances in detail:

Monthly Net Income: $0
Credit Card Debt 2 Cards:$19,500
Unsecured Bank Loan:$31,000
Total Unsecured Debts:$50,500

 

All of Stan’s debts were in his name only, and as such, Michel was not responsible for them.

Stan and Michel’s household annual income was $65,000 per year. Stan was not on their home’s title and had no real assets beyond the exemptions allowed in the Ontario Execution Act.

After reviewing all of his options with Trina and the Trustee, Stan decided to file a Consumer Proposal, which would enable him to repay some of his debts. His proposal was accepted by the creditors, and was to run for 60 months with monthly payments of $315. At the end of the proposal, Stan would be released from his debts.

Credit Counselling & Managing Money

One of the conditions of his proposal, was that Stan attend credit counselling. Both Stan and Michel came to his first session. Stan was understandably upset over his situation, but he confided in Trina that after he had made the decision to file a proposal, he had gotten his first good night’s sleep in ages. While Stan and Michel had already been economizing for several years, they were able to come away with some additional ideas on how to manage their money.

Several months into his proposal, Stan contacted Trina to let her know he had restarted his job search and had found a job. While it was not at his previous salary level, there was the possibility of promotion, and it was in a field that he enjoyed. Note: once a proposal has been accepted by creditors, a subsequent increase in income does not alter the terms of the agreement.

Stan and Michel are still in the process of completing Stan’s proposal, but there is every reason to believe that this devoted couple, will successfully complete their proposal and rebuild their family’s financial stability.

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. 

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So over the past few weeks I’ve had multiple contact with Christine. She was simply amazing. She helped me understand my debt and what options I had available to help relive some of my debt stress that’s affecting my own well being and my family.David Sklar and associates is simply put an amazing company and I highly recommend them to absolutely anybody needing help!
Adam Bertrand
1685981146
Christine Sylver was very helpful to my situation. No question asked, she went above and beyond just to give me the options that I need to solve my problems. She explained and made me understand my options. Thank you Christine! Everything was done in a week. Regards, to Richard Sklar for explaining everything further to me. 😊
Kris
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I was blown away by how kind and empathetic Christine and David were. I came into the process expecting to feel embarrassed, but they were so helpful and unquestionably supportive, they made the whole experience a positive thing. On top of that, Christine found a solution for me that was better than I ever could have imagined. I highly recommend Christine, David, and colleagues to anyone.
Mary M
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Christine Sylver has been very efficient in working with me in all aspects toward developing a very favourable consumer proposal which meets my financial budgeting very nicely. She also exhibited a very positive pro client attitude and was every pleasant to communicate with. Richard Sklar also demonstrated a very positive pro client attitude in explaining in detail all aspects. All great!!
Rob Hultgren
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Dealing with Christine was a real pleasure.She was very understanding professional and knowledgeable she answered all my questions.I left feeling relieved a big burden was lifted from my shoulders
John Horan
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Very happy I got in touch with Jackie! She has been a great help and a pleasure to work with! I highly recommend Jackie if you need help getting out of financial debt.
Hailey Cascagnette
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I had the pleasure of working with Jackie and she made the experience very easy and was very honest which I appreciated as I was extremely nervous to go through with the process. Any questions or concerns I've had after our meetings were answered no problems and although it's been a few weeks I can honestly say I've never felt so stress-free. Very thankful for Jackie.
Cassandra Arevalo
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Very considerate of how people can sometimes make mistakes and need help to get things back on track. Great team of people. Thanks to Jacqueline for all her help.
Kevin Chase
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My mother told me about this firm because they helped resolve her situation nearly 25 years ago. I had the pleasure of working with Christine Sylver. I should’ve done this years ago but I am where I am and it is what it is. Extremely courteous, professional and understanding. I hope to never need their services again but they would be my first call! A+
Patrick Martel
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Jerry was extremely thorough and ensured that as a client, I understood all of my options and their repercussions. He offered his professional advice best suited for my situation and he is amazing at his work. Thank you Jerry! :)
Stephanie Belanger
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