Posted under Bankruptcy
I had a meeting today with a lady that had filed for bankruptcy with me nine months ago. As she had fulfilled all duties she was receiving her automatic discharge. We will refer to this person as Mary. Although she was disappointed that she had to file for personal bankruptcy, she was satisfied that she was able to obtain a financial fresh start and was moving forward in life.
We reflected on her situation and the changes that she has made. Some details on Mary’s situation were: 
- Mary is 32 years old
- Single mother of one child
- Rents an apartment in Kitchener
- Works full-time in a retail store and nets about $2,000 per month
- Receives $250 in child support (which was sporadic, but now is steady as it is being received through the Family Responsibility Office)
- She owed $34,000 in credit cards and a bank line of credit
When she first came to see me, the collectors were calling and the pressure was starting to get to her. We reviewed the options as she wanted to focus on dealing with the debts and obtain financial control again. Personal bankruptcy was the solution she selected.
The bankruptcy process required that she comply with some duties, which included:
- Completing monthly income and expense statements
- Attended two credit counseling sessions (one on one)
- Providing income tax information
- Paying a minimum contribution of $160 per month
- If her income increased, then the amount she would have pay could increase as well (referred to surplus income)
If you are experiencing stress due to your debt load and want to discuss ways of dealing with it, e-mail me or call me at 310-PLAN and we can arrange a free consultation.
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