A veteran’s path to financial stability: Richard’s success story with Spergel

Richard, a 54-year-old soldier from Saskatoon, SK, found himself struggling with debt as he neared retirement. Despite a long and commendable career with the Department of National Defence, a series of personal and financial hardships left him unable to meet his financial obligations. After discovering Spergel, the ‘get rid of debt’ people through an online search, Richard sought our expertise to find a solution that would allow him to manage his debts while transitioning into retirement with peace of mind.

Client Background

Richard has dedicated his life to serving in the Department of National Defense since 1997. Despite his commitment to protecting his country, Richard encountered significant personal challenges that disrupted his financial stability. He filed for bankruptcy a number of years ago, and has since faced multiple financial adversities. The breakdown of an unhealthy relationship and personal health issues led to over-extended credit and mounting debt. With retirement on the horizon and a reduction in income looming, Richard knew he needed a sustainable solution to manage his financial situation. Seeking help online, he discovered Spergel, where he found the guidance and support needed to gain financial freedom once and for all.

Veteran to financial stability

The Challenge

Richard faced a daunting financial challenge as he neared retirement. The breakdown of an unhealthy relationship and significant personal health issues linked to his role as a soldier had led him to over-extend his credit, resulting in mounting debt that he struggled to manage. As a dedicated soldier with over two decades of service in the military, Richard had always prioritized his duty and responsibilities, but these personal setbacks made it increasingly difficult to keep up with his financial obligations. With retirement on the horizon, Richard’s income was set to decrease significantly, exacerbating his financial struggles. His situation was further complicated by a bankruptcy filed in 2008, from which he had been discharged but which still lingered in his financial history. The prospect of reduced income and the weight of debt left Richard feeling overwhelmed and uncertain about his financial future. He knew he needed a sustainable solution to address his debts, maintain financial stability, and secure a comfortable retirement. Desperate for relief and guidance, Richard turned to Spergel, seeking a way to regain control of his finances and navigate the challenges ahead.


Recognizing the urgency and complexity of Richard’s financial situation, Spergel stepped in to provide the necessary guidance and support. Richard was promptly connected with an expert Licensed Insolvency Trustee – unlike other bankruptcy firms, at Spergel, you are partnered with a Licensed Insolvency Trustee for your entire debt relief process, instead of being passed from person to person. After a thorough assessment of Richard’s financial circumstances, his Licensed Insolvency Trustee recommended filing a consumer proposal. This legal process allowed them both to negotiate with his creditors to repay a portion of his debt over an extended period, avoiding another bankruptcy and enabling him to retain control of his assets. The consumer proposal provided Richard with a manageable repayment plan tailored to his upcoming reduced income post-retirement.


Throughout the debt relief process, the Spergel team offered unwavering support, guiding Richard through each step and addressing his concerns with patience and expertise. The consumer proposal process began with a comprehensive consultation and assessment, before Richard’s Licensed Insolvency Trustee prepared a tailored repayment plan that accounted for his reduced post-retirement income. The proposal was then submitted to and negotiated with Richard’s creditors on his behalf, ultimately securing their agreement to the terms. Richard was granted immediate relief from creditor actions, and received financial counselling sessions to enhance his financial management skills. Richard’s Licensed Insolvency Trustee maintained regular contact, monitoring his progress and making any necessary adjustments to ensure the consumer proposal’s success. This structured approach resolved Richard’s debt concerns and set the foundation for a secure financial future as he transitioned into retirement.


The successful implementation of the consumer proposal brought significant relief and positive outcomes for Richard. He experienced immediate respite from creditor harassment and the stress of mounting debts. The proposal reduced Richard’s total debt from $75,000 to $30,000, allowing him to repay this amount over a five-year period with manageable monthly payments

With this repayment plan in place, Richard was able to meet his financial commitments without overwhelming strain, even as his income reduced post-retirement. The financial counselling sessions provided by Spergel empowered Richard with better financial management skills, helping him to avoid future debt issues. Overall, Richard regained control of his finances, allowing him to approach his retirement with confidence and peace of mind. The process not only resolved his current financial challenges but also equipped him with the tools and knowledge for sustained financial health.


Richard’s success story with Spergel showcases the profound impact of effective debt relief solutions. Through the implementation of a consumer proposal, Richard reduced his debt from $75,000 to $30,000, gaining immediate relief from creditor pressures and regaining control of his finances. With the support of his Licensed Insolvency Trustee, Richard approached his retirement with confidence, equipped with valuable financial management skills for sustained financial health in the future.

Client Testimonial

“From the moment I reached out to Spergel, I felt a weight lifted off my shoulders. The team’s professionalism and compassion put me at ease, and their guidance through the consumer proposal process was invaluable. Thanks to their expertise, I’ve not only reduced my debt significantly but also gained the financial confidence I need as I approach retirement. I can’t thank Spergel enough for their support and dedication to my financial wellbeing.” – Richard, Saskatoon, SK

How Spergel can help you

At Spergel, our expert Licensed Insolvency Trustees have been helping Canadians to gain debt relief for over thirty-five 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 supporting a client who had faced difficult personal circumstances and a previous bankruptcy. We reviewed his circumstances and advised him to file a consumer proposal to begin a fresh financial future. 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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