Breaking Free: How Jennifer and Her Husband Escaped the Debt Trap with Spergel

In the busy city of Mississauga, among the daily grind of life, Jennifer and her husband found themselves trapped in what felt like an insurmountable financial predicament. Despite their best efforts, they had accumulated dozens of loans, casting a shadow over their dreams of financial stability. Despite the chaos, a glimmer of hope emerged in the form of the Licensed Insolvency Trustees at Spergel. Through determination, guidance, and the expertise of Spergel, Jennifer and her husband embarked on a journey towards financial freedom, ultimately rewriting their story from one of struggle to one of triumph. This is their remarkable success story, illuminating the path they forged towards a brighter tomorrow.

Client Background

Jennifer, a 45-year-old resident of Mississauga, Ontario, is a warm-hearted individual with a tenacious spirit. Despite facing significant financial challenges, Jennifer has shown optimism and resilience while battling multiple debts. Her journey towards financial stability was marked by determination and a willingness to seek help when needed. Jennifer and her husband, Carlos, have two grown-up children, and have always strived to provide for their family, but found themselves caught in the grips of mounting debt. Jennifer’s commitment to securing a better future for herself and her loved ones drove her to seek assistance from Spergel. With a clear vision and hope, Jennifer embarked on a transformative journey towards reclaiming control of her finances once and for all.

Breaking the debt trap

The Challenge

The challenge Jennifer faced was multifaceted and daunting. Despite her steady income, she found herself drowning in a sea of debt totalling $46,626. Managing numerous loans from various sources, including payday lenders and credit cards, became an overwhelming task. Each debt came with its own set of terms, interest rates, and payment schedules, making it difficult for Jennifer to keep track and effectively manage her finances. She continued to take on new debts to support her and her family’s lifestyle, and the situation quickly spiralled. The burden of debt not only affected Jennifer’s financial well-being but also took a toll on her mental and emotional health. Constantly worrying about making ends meet and the fear of falling further into debt created a cloud of stress and anxiety that loomed over her daily life. The pressure of debt also strained Jennifer’s relationships and affected her ability to plan for the future. With dreams of financial stability and security for her family seeming increasingly out of reach, Jennifer knew she needed to take decisive action to break free from the cycle of debt and regain control of her financial future.


The solution for Jennifer came in the form of a Licensed Insolvency Trustee at Spergel, a beacon of hope during her financial turmoil. Upon reaching out to Spergel through a recommendation from a family member, Jennifer was met with compassionate and expert guidance that offered her a lifeline out of the debt trap. Jennifer’s Licensed Insolvency Trustee began by conducting a comprehensive assessment of her financial situation, meticulously examining each debt and crafting a personalized strategy tailored to her needs. Recognizing the complexity of her debt situation and multiple debts, Spergel recommended a consumer proposal as the most effective path forward.


With Spergel’s expertise, Jennifer filed a consumer proposal, a formal agreement negotiated with creditors to repay a portion of her debts over a set period of time. This approach offered Jennifer a structured and manageable way to address her debts while avoiding bankruptcy. Spergel worked closely with Jennifer to craft a proposal that reflected her financial circumstances and ability to repay. Through skilled negotiation and mediation, Jennifer’s Licensed Insolvency Trustee liaised with her creditors on her behalf, presenting a feasible repayment plan that offered a win-win solution for both parties. We managed to reduce her overall debt to $11,600, a huge saving of almost 80%. By filing a consumer proposal, Jennifer was able to consolidate her debts into a single affordable monthly payment, alleviating the burden of multiple creditors and high-interest rates. This allowed her to regain control of her finances and make meaningful progress towards debt repayment. Ultimately, with perseverance and Spergel’s guidance, Jennifer emerged from the depths of debt, reclaiming control of her finances and paving the way for a more secure and prosperous future.


With the consumer proposal successfully filed and negotiated by Spergel, out of Jennifer’s total debt of $46,626, her consumer proposal allowed her to repay just under 25%, totalling $11,600. This substantial reduction provided Jennifer with much-needed relief from the weight of her financial obligations, allowing her to breathe easier and focus on rebuilding her financial future. With a structured repayment plan in place, Jennifer made consistent monthly payments towards her consumer proposal, steadily chipping away at her debt while avoiding the need for bankruptcy. Her credit score began to improve over time, opening up opportunities for her to access more favourable financial products and rebuild her financial health. Jennifer’s journey serves as an inspiration to others facing similar challenges, illustrating that with the right guidance and perseverance, a brighter financial future is within reach. At Spergel, we also have a 99% acceptance rate on any consumer proposals we file.


Jennifer’s journey with Spergel is a testament to the power of resilience, determination, and expert guidance in overcoming financial adversity. She stands as a shining example of the transformative impact of seeking help and taking decisive action towards financial recovery. As Jennifer looks towards the future with optimism and hope, she serves as a beacon of hope for anyone struggling under the weight of debt.

Client Testimonial

Thanks to Spergel, I went from drowning in debt to feeling financially empowered. Their expertise and support guided me through the process, and now I’m debt-free and hopeful for the future once again.” — Jennifer, Mississauga, ON

How Spergel can help you

At Spergel, our expert Licensed Insolvency Trustees have been helping Canadians to gain debt relief for over thirty years. As the ‘get rid of debt’ people, we help individuals in various ways to improve financial wellbeing. In this scenario, our approach focused on consolidating many different debts and substantially reducing them via a consumer proposal. Here are some ways we can help you:

  • Debt consolidation and management – making debt easier to handle and reducing overall interest payments.
  • Budgeting – we help to create realistic budgets and financial plans tailored to your needs.
  • Credit counselling – we offer guidance on improving and maintaining a healthy credit score. 
  • Debt relief – for any individuals facing significant financial challenges, we provide advice on your options including bankruptcy and consumer proposals, guiding you through the process and helping you make informed decisions.

By offering a range of services and expertise, we aim to empower individuals to gain financial freedom and to take control of their finances to build a more secure future.

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