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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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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