Case Study: Whitby Senior Happy To Avoid Bankruptcy

If you’re struggling financially and you think that the only way forward is to file for bankruptcy, it’s important to seek professional guidance from a Licensed Insolvency Trustee.

By acquiring this expert advice, you’ll be taken through the options that are available to you.

And while bankruptcy might seem like the only way out of your debt, there are other choices that could be more suitable for your unique requirements.

From filing a consumer proposal to creating a debt management program, your trustee will advise you on what the appropriate step to take is.

Helping you to avoid filing for bankruptcy, you can start to regain your hold on your finances and work towards a better financial future.

Our partnered trustees work with thousands of people across Canada every year.

And therefore, they see a variety of different financial situations.

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As part of this, they receive case studies from those who have successfully avoided bankruptcy.

Here is an example of one of these:

The Client 

Jacquie (we’ve used an alternative name) was struggling with her finances.

Because of this, she was finding it difficult to meet her monthly payments and was relying solely on the funds accrued by her pension.

Over time, she accrued nearly $30,000 in debt – the majority of which was credit card debt.

This debt started to grow exponentially.

This resulted in her being unable to make any payments – including minimum payments. 

When Jacquie realized the extent of her situation, she started to research into what options were available to her.

This led her onto our site, where she immediately contacted a Licensed Insolvency Trustee. 

Jacquie wanted to avoid filing for bankruptcy at all costs as she was unsure of what effect it would have on her long term finances and credit – as well as it garnishing her pension.

So she wanted to know the best ways to avoid this, while repaying as much of the debt that she accrued as she could. 

How Our Partnered Trustee Helped Jacquie

When the trustee met with Jacquie, not only did they evaluate her debts but they explained that the income that she received from her pension was protected.

Of course, if you’re a senior that’s struggling with finances, it’s important to know that in certain cases – such as if your creditor is the Canada Revenue Agency, your pension could be garnished.

But typically, this won’t happen as the income isn’t considered to be a wage.

In the initial consultation with Jacquie, it was clear that a consumer proposal could be the best route for her.

This is because of the low amount of debt that she had, along with the number of high-ticket assets.

Once this route was mapped out to her, her trustee helped to create a payment plan that aligned with her requirements.

As she had little capital, this was budgeted at $100 a week.

Through a consumer proposal, she was able to only repay a portion of what she owed, over a timeline that was flexible to her.

Alongside this, all interest charges were frozen.

In Conclusion 

Overall Jacquie was so happy with the advice that she received from Bankruptcy Canada and the guidance that her Licensed trustee provided her with.

From avoiding bankruptcy, she was able to gain financial freedom.

Find Out More Today

Are you a senior in Canada that’s struggling with your finances?

Then get in contact with one of our partnered Licensed Insolvency Trustees today by either calling (877) 879-4770 or by email.

Canadian Bankruptcies

How to File for Bankruptcy
What is Bankruptcy?
Bankruptcy FAQs
How Does Bankruptcy Work?
What is the Cost of Bankruptcy in Canada?
How to Rebuild Credit Following Bankruptcy
Personal Bankruptcy in Canada
What Debts are Erased in Bankruptcy?

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