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I met with a retired lady in Orillia who had lost her husband a couple of years ago. She was managing alright and up until her husband passed, they had never had any bills that were not paid in full each month. But with the loss of his income it became more difficult.

Retirees With Debt ProblemsJust when she was moving on from the passing of her husband, she lost her daughter to a rare disease. She was devastated since she had previously lost her only son, at the early age of 10 in a tragic accident, so her daughter’s death was just too much, too soon.

She had been using her credit cards to help her daughter while she was in the hospital by covering her living expenses and medical bills not covered by provincial health plans. It came to the point that she just could not cope with the calls because of late payments while still grieving the death of her daughter. That is when she called A. Farber & Partners for help.

We took a look at her situation together and she had few options other than to file a bankruptcy. Although this was not her plan in life, she knew there was no other way for her to pay her debts with just her pensions coming in.

After we met again for her signing, she told me that she was packing up her belongings and moving to BC, where her only surviving daughter lives with her two children. This was her best way of putting this tragedy all behind her. She experienced a sense of relief and felt she could now move forward.

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