Nicole: Filing for Bankruptcy & Starting Over, Again

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

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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The best decision I've made was to contact David Sklar & Associates, they are experts in this matters and also have dedicated Licensed Counsellors that provide the best customer support, like Rhoda Lewis, who I highly recommend. She worked tirelessly on my case, explaining ever detail to me willingly. She demonstrates a true interest in her clients. I appreciate how she patiently walked me through what to do, step by step. I now have control over my finances, as a result my life is much more peaceful and I can focus on what matters. Thank you!
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20:18 16 Jun 22
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15:10 14 Jun 22
Jerry at David SKLAR helped me thoroughly understand my options and made me feel at ease. If you are looking at this type of service/help, I 100% recommend you give them a call.
Colleen H
12:50 14 Jun 22
Rhoda is a wonderful person, She help me and guided me throughout the process. I couldn’t do it without her support and expertise. Now I can start fresh and full of hope of a better life ahead of me.
ariezel erandio
21:33 06 Jun 22
The service I recieved from David Sklar and Associates was great. I was able to meet with Christin Sylver. She is kind, understanding and, professional. She was able to answer all the quesions that I had regarding my debt. At the end of our meetings, I felt that there is a heavy burden lifted from my shoulders. I recommend Chistine to anyone who is looking into debt relief.
Aliya H
12:11 04 Jun 22
Jerry is a very patient person, he answered all my questions and made this experience so smooth and easy for me. I was not sure what to expect but dealing with him made me feel so much better. He sure knows what he is doing and how to put people at ease for sure (should have done this long ago). I recommend him to anyone I am so glad I had him on my side and now to do my part. Thanks Jerry ur greatPattie
Patty Murphy
21:34 18 May 22
Rhoda Lewis helped me achieve a fresh start two and half years ago! She was very professional with a very warm, caring personality! I emailed her today with a question and she responded quickly. She's great at her chosen profession!!
Debbie Livingston
01:24 11 May 22
Nothing but good things to say about Jackie. She was so nice and so understand and everything was so quick and easy. In a matter of a week, there was the solution that I never thought was possible. Thank you so very much for everything that you have done. ❤️❤️❤️
Cassandra Keenan
21:05 10 May 22
I was in a lot of debt and stress, Jackie Stanley with David Sklar & Associates was very professional, and extremely helpful with getting out of debt. I should of did this sooner, they take the all the weight and stress of a persons shoulders, amazing team at David Sklar & Associates!!
Hubert Z
03:08 10 May 22
Jackie helped me out during a really tough time and she made the entire process very easy and painless. I highly recommend reaching out to her if you find yourself in any financial trouble. You won’t be disappointed!
prettylush 13
02:42 10 May 22
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