I recently had a situation where an individual came to me very upset, stressed and looking for debt relief. He’d had a number of years of “bad luck” and wasn’t sure where to turn. He was an owner/operator of a transport truck and, like many drivers, the economic downturn that started in 2008 took its toll and he lost his contract. The following year his wife left him, resulting in a divorce. As part of the divorce settlement, she was given possession of the marital home and two income properties. He described his part of the settlement to me as “…got possession of the debt.”
Unfortunately, since these events his health had been an issue. He eventually suffered a stroke, requiring several surgeries. To make matters worse, he was eventually diagnosed with cancer, and the treatment appears to not be working.
During this time he used credit cards to supplement his income and pay for medications and treatments not covered by OHIP. But the stress of the credit card debt was weighing on him and he felt it was impacting his health and potential recovery.
At the time of this writing, he was receiving a government disability pension, as well as a small supplement from a Life Income Fund. However, his monthly income was still very low. We discussed his situation and the options available to him during a free debt consultation.
After weighing his options, the client felt that a Bankruptcy was the right solution. His low level of income, coupled with the state of his physical health meant that the total elimination of his entire debt load was the best option for him. As his credit score was already significantly impaired this was not a factor to be considered, so a Bankruptcy was the best debt solution for his situation in particular.
Once he made his decision, I was pleased to see that he left my office feeling relieved and like he had control of this financial burden.
No matter how unmanageable a financial situation may feel there are options. Speaking to a debt solutions professional at A. Farber & Partners can relieve your stress, and set you off on the road to a debt solution that fits your life.