Nicole: Filing for Bankruptcy & Starting Over, Again

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Bankruptcy in Toronto – Nicole Gets A Fresh Start

At 33 Nicole (not her real name) was, as she described it, “ready to start over, again”.

When she was 22, Nicole had graduated from University of Toronto with a bachelor’s degree, and an abundance of student loans. Although she had been warned ‘by everyone’ that the degree she was getting would not help her find a good job, it wasn’t until she had graduated that the reality of her situation set in. She was heavily in debt and the only job she was able to find was in retail.

Fast forward 11 years and 8 jobs: Nicole was still in retail and still heavily in debt. Only now, she had a 9 year old son to support on her own and she could no longer cope with her overwhelming debt load.

Although a friend had recommended David Sklar & Associates, Nicole was worried that it might be another false start. But, after her first meeting with Richard Sklar, Estate Administrator, she began to realize that she had found a real way to start over without the crushing burden of debt.

During the initial meeting, Richard and Nicole reviewed her existing financial situation:

Monthly Net Income: $2,100
Student loans (more than 7 years old)$17,500
Credit Card debt (3 cards)$10,500
Personal loan$7,000
Total Debt Owing $35,000

 

No Assets over the maximum allowed in the Ontario Exemption Act

After reviewing all of her options with Richard and the Trustee, Nicole decided to file for bankruptcy – as she honestly doubted that her income was secure enough to file for a consumer proposal.

Because Nicole did not have Surplus Income as defined by the Superintendent of Bankruptcy, her bankruptcy period was for 9 months.

During those 9 months, Nicole was required to submit a monthly report on her expenditures, and income. She attended credit counselling sessions that gave her the tools to build a more secure financial future. As well, she paid $200/month to the Trustee to cover the administrative cost of the bankruptcy, and honored all the terms of her bankruptcy.

At the end of her bankruptcy, she was released from her debts and got the ‘fresh start’ she needed to move ahead with her life. Nicole is determined to make the most of this opportunity, and is enjoying the freedom of being debt free.

To protect our clients’ privacy, aspects of this case study have been altered

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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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