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Bankruptcy is not your only option for debt-relief
Filing a bankruptcy in Canada is often a last resort, after you’ve explored all other debt-relief options. It eliminates most or all of your debt, but also has a significant, long term impact.
What is bankruptcy?
Consider all the options for managing your debt first
Bankruptcy is the last option when you’ve assessed all other solutions. Your debts are legally discharged, which means you’re no longer required to pay them back. A major drawback is you lose most of your unsecured assets and your ability to borrow money in the future is significantly affected. Bankruptcy in Canada is a legal process that can only be filed by a Licensed Insolvency Trustee (LIT).
There’s an alternative to bankruptcy, called a consumer proposal. It can reduce your debt up to 80% without any interest charges or fees.
Types of debt we help with
- Credit card debt
- Tax debt
- Student loans
- Personal loans
- Lines of credit
- Payday loans
Considerations
Is bankruptcy worth it?
Bankruptcy should be a last resort, after all other options have been considered. It’s important to speak to a LIT to determine if bankruptcy is necessary. We can help you understand the pros and cons of all your options–and be with you every step of the way. Many people are surprised to learn that bankruptcy doesn’t solve everything.
Doesn’t erase all debts
Involves losing some of your assets
Impacts your credit score
Makes it harder to borrow again
How it works
Filing for bankruptcy
- Book your free consultation
- We talk with you about all your options before filing bankruptcy, such as a consumer proposal
- If bankruptcy is the best option for you, we gather the information needed
- We then prepare your bankruptcy, filing it with the government, and notify your creditors
- Once filed, creditors must stop contacting you for payment, putting you on a path to better financial health
When declaring bankruptcy becomes necessary
Bankruptcy can be an option when your debt gets too hard to handle and you’ve lost most or all of your household income for a long period of time. If it’s the best option for you, we’ll be with you every step of the way, ensuring you have support and guidance.
You Pay:
$6,000
You Save:
$0
Consumer Proposal (0% Interest Rate)
You Pay
$6,000
You Save
$0
Debt Consolidation (12% Interest Rate)
You Pay
$8,008
Do Nothing (19% Interest Rate)
You Pay
$9,339
Eligibility
Wondering if you qualify?
If you're struggling to repay debts, bankruptcy is just one option. We will help you decide what is the best debt-relief option for your unique situation and will be with you every step of the way.
- You are at least 18 years old
- You are a Canadian resident, own property or have carried on a business within the last year
- Your debts exceed the total value of your assets or are unable to repay your debts as they come due
Why Farber?
We believe that everyone can prosper
The debt you’re facing today is not forever. With more than 43 years of experience in Canadian debt relief, we’ve helped over 100,000 people just like you build a better relationship with money and put their debt behind them.
The truth about debt
Frequently asked questions
For more than 43 years, we’ve helped over 100,000 people get out of debt
We’ll meet to discuss your debt-relief options, guide you to the best solution, and assist you in building a better relationship with money. We’re here when you’re ready.