Steve: Unsecured Debt Bankruptcy

Steve: Second Chance at a Fresh Start

Steve (not his real name) was a self-described ‘tech-geek’ in his late 20s who was just beginning to find his way in a career when he first came to David Sklar & Associates.

At 25, after a series of low-paying, dead-end jobs, Steve landed a good job in the inventory parts department of a major company in Kitchener. He did very well, was quickly promoted and his salary increased to $32,000 per year. Unfortunately, his spending increased even more – and within two years, he was heavily in debt to multiple credit card companies, banks, and his cell phone provider. Steve was laid-back about his debts until his manager expressed concern about the numerous collection calls he was receiving at work.

Motivated by the fear of losing his job, and knowing that his debt was beyond his control, Steve went to a Bankruptcy Trustee to see what could be done. After reviewing his options, Steve decided to file a Consumer Proposal. His Proposal was accepted, and he began repaying his substantially reduced debt on a five-year plan. With the Proposal in place, the collection calls stopped.

During the sixth month of his Proposal, Steve lost his job when his company went out of business. Unable to pay, he missed three Proposal payments, his Proposal went into default, the stay of proceedings was lifted, and his creditors restarted collection efforts.

Hoping to find work, Steve moved to the Greater Toronto Area, where he found a job in the parts department of a computer wholesaler. This was the ‘perfect’ level-entry job, combining Steve’s love of all things tech and his parts experience. Steve was optimistic about his future with the company until he got his first collection call at his new job.

~~~ ~~

When Steve came to David Sklar & Associates, he was understandably concerned. To help him explore all of his options, his Estate Administrator, Richard Sklar carefully reviewed his situation with him:

4 Credit Cards Debt $14,500
2 Unsecured Bank Loans $4,500
Payday Loan $1,250
Old Cell Phone Bills $3,500
Overdraft $1,750
Total Unsecured Debt $25,500

 

Steve had no secured debt, did not have a vehicle, and did not own a home or have other major assets. His net take home pay was $1,950 per month and he had no dependents.

While he was hopeful about his new job, after discussing the situation with Richard, Steve realized that he did not earn enough, or have enough job stability, to reinstate his Proposal.

Since Steve had no significant surplus income, he would qualify for a 9 month Bankruptcy, with the minimum monthly payments of $200 per month.

After reviewing his options, Steve decided to file for Bankruptcy. Working with Richard, he completed a budget that he would be able to stay on. His Bankruptcy was filed by David Sklar & Associates, and all collection efforts stopped.

During his Bankruptcy, Steve was required to submit monthly budget reports. As well, he was required to attend two financial counselling sessions. During those sessions, Steve learned the techniques for money management that would enable him to not only stay out of future trouble, but to build a better life for himself.

At the completion of his Bankruptcy, Steve was released (discharged) from all the unsecured debt covered by the Bankruptcy. He had earned his ‘fresh start’, had the tools to stay out of debt, and was determination to succeed.

To protect our client’s privacy, aspects of this case study have been altered.

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I've used these services twice and they have always been understanding, supportive and informative. They give you hope when you feel like there is none. I've referred multiple people to them and they've all had the same professional experiences. Jackie Stanley was amazing and got the job done. Thank you!
Kirah32
02:07 03 Mar 21
Dealing with any kind of debt can be stressful. Jackie is amazing! Professional, warm and extremely helpful to say the least! She made sure to answer all of our questions, address any concerns and made this whole process as smooth as possible.
Kristine San Gabriel
15:14 02 Mar 21
Working with David Sklar has been an easy and detailed process. I am especially thankful for the personal services provided by Jackie Stanley as she has been very informative and always ready to answer any questions or concerns in a timely manner. I highly suggest working with Jackie if the opportunity presents itself.
Clayton Surujbally
17:09 18 Feb 21
On February 2 l made the somber driveTo David Sklar and associates.I had known this location from having drovePast it many times over the years.I made a appointment using the phone numberOn their door in Pickering, OntLater that day l had a consultation withTrina Powell.Immediately upon meeting with her l wasBecomming more relaxed with the proceedings.Trina, was very down to earth, and very professional.We all have our calling, l can only gather sheHas found hers, and she is very good at herJob, and career.I met with her again two days later but on thisVisit l felt more relaxed, and self assured of myDecisions, having already met with Trina.Thank you! Hat's off to you.I also had a phone zoom call with MarkTo whom as well was very easy, and comfortableTo talk to,Thank you, Mark.The team at David Sklar and associatesShould take great pride, and comfort when theyHelp people, like me and probably so many others.Thank you.
Chris Thompson
17:11 07 Feb 21
I have dealt with this company before many years ago when I did my bankruptcy , and found to be very trustworthy, professional, and right at ease. No judgement, very understanding and very supportive. So of course would come to then again when this time did the debt consolidation. The staff is friendly and goes over all the details with you and answers all your questions so you know exactly what to expect and make an informative decisison. I aslo like how if I had any questions could leave a message or email the company and how promptly they answer me back. Thank you David Sklar & Associates for getting me back on the right track and living a life of debt free again. I have my freedom back thank you for all your help and support. Amen 🙏
Desiree Balkaran
17:09 07 Feb 21
I am so grateful to Rhoda Lewis for an amazing opportunity to start fresh, she is very knowledgeable, professional and very friendly. I felt so comfortable from the moment I walked into her office, I definitely would recommend Rhoda to anyone who is looking for help. I love and appreciate you very much for helping me. After all these years I still kept in touch with you via email just to say thank you. Thank you again so very much and continued blessings.
Elizabeth Thomas
09:18 04 Feb 21
Jackie Stanley will take you step by step in explaining the process professionally, answering all the question I had over the telephone or e-mail. We are very satisfied and grateful for her work and effort. Dan Podeanu
Andrei Podeanu
02:09 01 Feb 21
Ashley Carter was very nice to me and professional and she helped me with my issue and she answer my questions in email. She helped me a lot and she gave me less stress.
Daniel Domingues
22:19 23 Jan 21
Jackie Stanley take you step by step in explaining the process professionally, replying on our every question over the telephone or e-mail. We are very satisfied and grateful for her work and effort.
1 blaze
18:36 21 Jan 21
Jackie and the team at David Sklar and Associates took my very stressful situation and made me feel at ease. I was treated with respect and understanding from the start of my process right through to the end. Prompt email and phone responses made it feel like I was at the top of their priority list.Jackie and the team at David Sklar are the best in the business. I would highly recommend using their services.
Tree Broker
14:33 20 Jan 21