Susan & Bob

Susan & Bob's Story

Real People, Real Debt, Real Solutions

Standing Together After a Life-Changing Injury

Life had been good to Susan and Bob (not their real names). They had successful careers, three wonderful grown children, and a lovely home in Pickering.

And then, it all changed in an instant.

At 53, Bob got into a car accident, severely injuring his spine, resulting in extended hospitalization, multiple surgeries, and years of therapy.

While Susan was initially able to take time off from work to be with Bob, eventually, she had to give up her job and focus full-time on Bob’s recovery.

ambulance

Bob had insurance, but it didn’t provide the financial relief to cover all their costs. As a result, during the first three years following the accident, the couple used up their savings, cashed in their RRSPs, took out a second mortgage, ran up an unsecured line of credit, and maxed out their credit cards.

Luckily, their adult children stepped in and began paying their mortgages. And while Bob and Susan were grateful, they hated being a burden to their children.

Even with the mortgage payments covered by the children, Susan and Bob struggled to keep up with their credit card payments. They began receiving collection calls that added pressure to their already stressful lives. So, they decided to see if filing for bankruptcy could solve their mounting debts.

All three of their children expressed concern over their parents losing their home (even though there was no equity left) and were deeply worried about how declaring bankruptcy would affect their parents’ self-esteem. They made it clear to Bob and Susan that they were able and willing to continue paying the mortgages for as long as needed.
Susan and Bob set up an appointment at David Sklar & Associates to explore their options.

How David Sklar & Associates were able to help Susan and Bob tackle their debts

Susan and Bob met with Jackie Stanley, an experienced and caring licensed debt counsellor, who reviewed their finances and debt relief options. 

Bob and Susan were delighted to discover that they could file a consumer proposal, which, if accepted, would stop the collection calls, enable them to keep their home (as long as the mortgage payments continued) and pay of f a portion of their unsecured debt. And they could avoid bankruptcy.

At the time of the meeting, they had no assets beyond the basic exemptions and had a monthly net income of $2,000 from insurance. Their unsecured debt obligations were as follows:

Jackie Stanley

Licensed Debt Counsellor

Credit Cards

$41,850

Line of Credit

$21,500

Total Unsecured Debts

$63,350

Here's how much Susan and Bob were able to save by filing a consumer proposal

After reviewing their options with the trustee, the couple decided a consumer proposal was the ideal debt relief solution.

They offered to repay their creditors $20,100 of their unsecured debts of $63,350.

The creditors accepted the offer, leaving Susan and Bob with a much lighter debt load to pay down. Over 60 months, the couple’s monthly payments would be $335, which works out to a debt reduction of nearly 68%.

One year into their consumer proposal, Susan returned to work and took over their children’s mortgage payments. Bob eventually found a part-time job that allowed the two of them to speed up the repayment of the proposal.

Being able to avoid bankruptcy and stop the collection calls made a significant difference to Susan’s and Bob’s ability to cope and get on with their lives.

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

Photo by Mikhail Nilov, Photo by Agostino Toselli, Photo by Mikhail Nilov

debt calculator

Find out how much you can save with our Consumer Proposal Debt Calculator

Use the slider below to tell us how much you owe and we will show you how much you can save!

*This calculator simply provides an estimate of the total savings you could receive filing a consumer proposal. Actual results may vary as each financial situation is unique. Your actual payments will be based on your income, assets, and debts.

Do Not Include Mortgage or Car Loan Debt.

$10,000 $250,000

With a consumer proposal at 0% interest, you will only have to pay back:

$3,480/$58 per month

*This calculator is for demonstration purposes only. Your results may vary based on your unique financial situation.

David Sklar & Associates is here to support your financial recovery

Learn how we can help you find debt relief with a consumer proposal or personal bankruptcy. Our passionate and experienced team at David Sklar and Associates has helped thousands of individuals break free from crippling debt payments. Our experts can answer any questions about your debts and recommend a solution based on your unique needs and goals. 

Let us help you pave the way for a brighter financial future, starting with a free, no-obligation consultation

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Kelly Silke
Kelly Silke
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Trina Powell is an excellent listener and completely non judgmental. She truly cares for her clients and goes out of her way to be available and to help even when that means she has to accommodate last minute life changes. She is incredibly smart and kind and takes the time needed to explain everything from start to finish. She is an incredible human being and only wants the absolute best for everyone she helps. The work she does is life changing and improving. I highly recommend her services and support to anyone else who is struggling with their debt loads to seek out her help. Trina will absolutely be there for you too and help you just as excellently as she did for me. I cannot say enough good things about her or the amazing work she does. Her patience, empathy, understanding, and dedication make her the absolute best. You should absolutely trust her with your life on the road to moving forward. Don’t be afraid you’re not alone and Trina will help you too.
Sheri Stevens
Sheri Stevens
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I am so grateful to Jackie Stanley with David Sklar & Associates. She has listened and worked with me to come to a reasonable solution. Jackie has provided so much information, walking me through everything. I couldn’t ask for a more patient, kind and understanding person to help me. I look forward to working with her through my time with David Sklar & Associates.
Bob Irvine
Bob Irvine
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Jackie Stanley is an extremely personable, friendly and professional representative with David Sklar & Associates. Her customer service skills are exemplary and her knowledge with regards to my situation and helping me with getting my life back on track was just amazing. She was very understanding of my issues, and took her time to make sure that I understood everything. At the end of my meeting with her I left feeling emotional but relieved to know now that my life can finally move forward. Jackie, you have been a great asset in my life and I will never forget your kindness. Mr. Sklar I would just like to say that you have a 5 Star representative in your associate Jackie Stanley. Respectfully, Bob
David
David
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After seeing your commercial play on CP24, I realized that it addressed all the questions and concerns I had about my financial situation. It all started with my one phone call to your office. I had the extreme pleasure of working with Cori Naron at your St. Clair West office in September 2022. She took the time to explain what my options were knowing that it was a very stressful situation with my debt load. She made me feel at ease with my decision to file a consumer proposal and outlined the benefits to me. She is thorough and her attention to detail is outstanding. While it takes a little while to reap the benefits of making this hard decision, she took the time to reassure me that it was in my best financial interest. Well done David Sklar & Associates for having such an amazing representative at your company and for allowing me to "get a fresh start"!
Christopher Rakobowchuk
Christopher Rakobowchuk
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Jerry Janiec is very knowledgeable and very helpful everything he explained to me was straightforward and very easy to understand. I'm very pleased to be working with Jerry to become debt free. I will definitely be recommending to any friends or colleagues your services. Thank you again for helping me get on the road to be debt free. 5 Stars is well deserved.
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Getting into debt is easy. Getting out is a different story.

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