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Book an Appointment

Is it time for us to meet?

If you’re thinking about booking an appointment, then you’ve already taken the first step by deciding you need help or advice with your personal or corporate debt. That’s often the most difficult step. We understand and we’re here to help.

The sooner we meet, the greater the likelihood of a positive outcome. Call our toll free number, call the number of the office closest to you, or send us an email by filling in the form below.

We’re looking forward to taking the stress off your shoulders and helping you live life again.

1.877.944.1177








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    Our Process

    You’ve made the difficult decision to explore personal or corporate debt restructuring and now you’re wondering, “What happens next?”

    First, let us say congratulations. It isn’t always easy deciding that you need assistance, but it’s more common than you know and the earlier you start, the better the chance for a positive outcome.

    Next, understand that we want to make the entire process as easy and positive as possible. We will never judge or pressure you; we are only here to help.

    Our process begins with information gathering. We have a responsibility to collect as many details about your financial situation as possible so we know exactly what we’re dealing with.

    After we have collected the information, our team, including a Licensed Insolvency Trustee, will determine the most advantageous option and present it to you, carefully explaining all of the pros and cons.

    After that, you are certainly welcome to take the information home and think about it to see if you have any further questions.

    When you make the decision to proceed, our experts do the heavy lifting and work with you, side by side, until the project is completed.

    Our process ends when your brighter days begin.

    Advantages and Disadvantages of Personal Bankruptcy

    Advantages:

    • Generally, it is the least expensive and the fastest method of eliminating your unsecured debt.
    • It provides an immediate “stay of proceedings” that prohibits your unsecured creditors from commencing or continuing any collection action or legal action for the recovery of a debt.
    • It immediately terminates all telephone calls, past due or collection notices, and legal action to garnishee wages, seize bank accounts or seize unencumbered assets.
    • All your unsecured creditors must communicate directly with your Trustee.
    • It protects your wages, bank accounts and all of your unencumbered assets.
    • It provides immediate debt relief and stress reduction.
    • Your unsecured creditors are legally required to accept your bankruptcy.
    • There is no voting process required to gain acceptance of your bankruptcy by your unsecured creditors.
    • None of your unsecured creditors can “opt out” or ignore the bankruptcy.
    • The amount you owe has no bearing on the cost of filing bankruptcy. The amount you are required to pay your Trustee in a personal bankruptcy for the benefit of your creditors is based on your household income and the number of members in your household.
    • The bankruptcy is usually completed in as little as nine (9) months and you receive a fresh financial start.
    • Eliminates most of your unsecured debts, including government debts for income tax and good and services tax (“GST”).
    • There is no requirement for you to know exactly how much you owe to each of your unsecured creditors.
    • Everyone that files bankruptcy is treated the same. The Bankruptcy and Insolvency Act is a federal act and applies equally across Canada.

    Disadvantages:

    • It negatively affects your credit bureau report and remains on your credit bureau report for six (6) years from the date of your discharge from bankruptcy.
    • Non-exempt assets must be surrendered to your Trustee or you may repurchase them from your Trustee at auction value.
    • Income tax refunds for the year you declare bankruptcy, plus any prior year’s income tax refunds that remain outstanding, are provided to your Trustee.
    • Monthly income and expense statements must be submitted to your Trustee throughout the period of your bankruptcy.
    • All credit cards must be surrendered to your Trustee for cancellation.
    • You are unable to be an officer or director of a corporation.
    • You must disclose the status of your financial situation if you enter into a business transaction.
    • You will be unable to borrow money without first disclosing to the credit grantor that you are bankrupt.

    These are some of the advantages and disadvantages of bankruptcy. To determine whether a personal bankruptcy, a consumer proposal or other debt restructuring plan is appropriate for you, call Faber today to schedule your free, confidential, no obligation consultation. We would be pleased to meet with you in person to review your financial situation and discuss with you all options available to you to eliminate your debt and provide you with a fresh financial start.

    Thank you all for making a not so happy time a positive learning experience.

    Kelvin & Deb J.

    Our Process

    You’ve made the difficult decision to explore personal or corporate debt restructuring and now you’re wondering, “What happens next?”

    First, let us say congratulations. It isn’t always easy deciding that you need assistance, but it’s more common than you know and the earlier you start, the better the chance for a positive outcome.

    Next, understand that we want to make the entire process as easy and positive as possible. We will never judge or pressure you; we are only here to help.

    Our process begins with information gathering. We have a responsibility to collect as many details about your financial situation as possible so we know exactly what we’re dealing with.

    After we have collected the information, our team, including a Licensed Insolvency Trustee, will determine the most advantageous option and present it to you, carefully explaining all of the pros and cons.

    After that, you are certainly welcome to take the information home and think about it to see if you have any further questions.

    When you make the decision to proceed, our experts do the heavy lifting and work with you, side by side, until the project is completed.

    Our process ends when your brighter days begin.

    Book an Appointment

    Is it time for us to meet?

    If you’re thinking about booking an appointment, then you’ve already taken the first step by deciding you need help or advice with your personal or corporate debt. That’s often the most difficult step. We understand and we’re here to help.

    The sooner we meet, the greater the likelihood of a positive outcome. Call our toll free number, call the number of the office closest to you, or send us an email by filling in the form below.

    We’re looking forward to taking the stress off your shoulders and helping you live life again.

    1.877.944.1177








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