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4 Pillars Personal Debt Restructuring: A Bankruptcy Case Study

By Troy Tisserand

4 Pillars Personal Debt Restructuring: A Bankruptcy Case Study

 The Kendells were like many Victoria families.  Two young children, two cars, a hefty mortgage, and a penchant for living slightly beyond their means.  They both held down good jobs, had a bit of savings in the bank.  The grandparents had ensured college would be taken care of.  All in all, life was pretty sweet.

However, things started to sour when Gwen’s mother passed away and they assumed financial responsibility for the care of her father.  Soon after their young son was diagnosed with Asperger’s Syndrome, forcing Gwen to cut back on her hours to help her son.  But still the family soldiered on.  Sure their personal savings took a hit, and in hindsight, a second mortgage probably wasn’t a good idea, but they were going to be okay.  Until they weren’t.

Tom had been at his company for 14 years when he found himself downsized, his position eliminated.  His severance package soon disappeared along with the rest of their savings and with Gwen now the only source of income, the pressure on their finances paled in comparison to the pressure on their marriage.  They’d heard that bad luck comes in three’s, could it get any worse?

The Light at the End of the Tunnel or the Front of an Oncoming Train.

Payments started to get missed.  Calls from creditors became a weekly occurrence. Selling Tom’s car did little to ease the situation.  Every month they saw their debt take its toll on their on their security, their marriage, their family.

Desperate Tom swallowed his pride and contacted a Bankruptcy Trustee.  After their initial meeting Gwen and Tom left feeling more over whelmed, more humiliated, more hopeless than ever before.  Was bankruptcy the only solution?  They’d lose practically everything and it would take years to recover and the Kendells didn’t have years.

HOPE the Other Four Letter Word.

A friend, one of the few who knew the situation, suggested a different approach.  She told them about her experience with 4 Pillars Debt Solutions in Victoria, BC.  There are 3 offices in Victoria and the initial consultation was free. What did they have to lose?

The Power of 4

Tom and Gwen braced themselves for their meeting with 4 Pillars Victoria.  But their fears were for not and they left the 4 Pillars office with a renewed sense of hope.  4 Pillars helped the Kendell’s find the best solution for their situation and it wasn’t bankruptcy.  4 Pillars worked with them on their budget to find out what payment was truly affordable and helped them structure a Consumer Proposal* which allowed them to keep their home and eliminate 80% of their debt, leaving them to payback the rest over the next five years.  Almost immediately the creditors stopped calling.  And within the next few months 4 Pillars had devised a plan to help the Kendells rebuild their credit.

A Happy Ending

And they are well on their way.  Tom has since found a new Job and with the burden of debt lifted, Gwen has been able to once again cut back on her work hours to focus on their son.

When the Kendells tell their story, and they tell it A LOT, they always marvel at the respect, compassion and understanding 4 Pillars had for them.  Gwen has often said “I don’t believe in superheroes… but 4 Pillars should wear a cape”.  To which we  just smile, hoping we never have to wear one.

By exploring the options that work best for you the team at 4 Pillars Debt Solutions Victoria will help you through every aspect of your debt settlement with respect, compassion, understanding and a plan.

For more information please visit one of their websites below or call them directly as they all live and operate in Victoria:

4 Pillars Debt Solutions.  Details at 4Pillars.ca

*4 Pillars represents the debtor to structure the payment terms of a consumer proposal which is filed by a bankruptcy trustee.

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