{"id":4332,"date":"2020-03-26T19:32:18","date_gmt":"2020-03-26T19:32:18","guid":{"rendered":"https:\/\/dev-ginsberg-gingras.flywheelsites.com\/?page_id=4332"},"modified":"2023-06-06T16:23:56","modified_gmt":"2023-06-06T20:23:56","slug":"case-study-gambling","status":"publish","type":"page","link":"https:\/\/ginsberg-gingras.com\/en\/case-studies\/case-study-gambling\/","title":{"rendered":"Case study: Resolving gambling debt"},"content":{"rendered":"\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t
<\/div>\n\t\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

Case studies<\/h1>\n

We resolve. You restart.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t

\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"\"\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

Case study: Resolving gambling debt<\/h2>

These case studies are not true stories. They do not constitute actual client testimony. However, they are based on experiences observed by our Licensed Insolvency Trustees.\u00a0<\/p>

These fictional case studies are meant to demonstrate the possible outcomes of a debt solution. In reality, each situation is unique. All individuals struggling with debt should consult a Ginsberg Gingras Licensed Insolvency Trustee to determine the best solution for them, and its effects.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"\"\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

Bankruptcy helps Bernard through a difficult period following the death of his wife<\/h2>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

After having made all his payments, Bernard was released from bankruptcy. All his debts were erased, including his car loan. Bernard is very grateful to his LIT.<\/p>

In summary, Bernard restructured his budget and took the necessary measures to reduce his debt. Following his LIT\u2019s advice, he received help at a specialized centre for his gambling addiction.<\/p>

Today, Bernard\u2019s financial problems and gambling addiction are in the past. He recovered his financial health and joined a walking group to socialize and occupy his time.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

Bernard\u2019s debts before bankruptcy<\/h2>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\n\t\t\t\n\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\n\t\t\t\t\t
<\/th>\t\t\t\t<\/tr>\n\t\t\t<\/thead>\n\t\t\t\t\t\t
Car loan<\/td>$22,500<\/td><\/tr>
Tax liability<\/td>$850<\/td><\/tr>
Credit card 1<\/td>$18,700<\/td><\/tr>
Credit card 2<\/td>$6,250<\/td><\/tr>
Line of credit<\/td>$9,250<\/td><\/tr>
Overdrawn account balance<\/td>$300<\/td><\/tr>
Debt total<\/td>$57,850<\/td>\t\t\t\t<\/tr>\n\t\t\t<\/tbody>\n\t\t<\/table>\n\t\t\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

Return the car keys<\/h2>

Bernard was no longer up to date on his car payments. Because he was unable to continue monthly payments to his secured creditor, the LIT explained to Bernard that he could return the vehicle to the creditor holding the security. To do so, the LIT would take possession of the vehicle, and the bankruptcy procedure would protect Bernard against his creditors. Bernard was relieved, because this monthly payment was a strain on his budget.<\/p>

Bernard made 21 monthly deposits of $150 each to settle his debts<\/strong>. The LIT determined this payment schedule based on Bernard\u2019s net income and the calculation table established by the Office of the Superintendent of Bankruptcy Canada (OSB).<\/p>

As set out in Directive\u00a0No.\u00a01R3<\/a>, Bernard also benefited from two budget consultations with his LIT. The first was to discuss:<\/p>