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Tax Debt and CRA

If you have difficulty repaying tax debt or need help dealing with tax debt, we’re here for you. We can negotiate with the CRA and help you get debt relief.


Debt Consolidation

Consolidate your debt with one simple monthly payment. If you can not afford to pay your debt, contact us for options.


Stop Wage Garnishment

How to stop a wage garnishment? Take action today and don't let this happen to you. Contact us, we can help!


Student Loan Debt

Student loans are necessary for many people who attend post secondary education. We can help with student loan debt and let you get a fresh start.


Payday Loans

Payday loans sound convenient and easy, but they come with incredibly high interest rates that can make them nearly impossible to pay off.


Stop Collection Calls

Stop calls from creditors and collection agencies and put an end to lawsuits with our Consumer Proposal and Bankruptcy service.


Credit Card Debt

Only paying the minimum balance? Missing Payments? Paying high interest rates? We can reduce or eliminate your credit card debt.


Bank Loans

Get relief from bank phone calls, collection efforts and legal action with our Bankruptcy and Consumer Proposal services.


THE A.FARBER SOLUTION

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The Licensed Insolvency Trustees at A. Farber can review your finances and prepare a consumer proposal to your creditors. A consumer proposal is an offer to settle your debt for less than the total amount owing. This process can result in as much as a 70% reduction in the amount you’ll need to pay back. More importantly, it also allows you to keep your assets such as your car, your house and much more. Read more about   Consumer Proposals.

The debt consolidation process allows you to combine your debts into a loan with a lower interest rate. This process can save you money in interest charges, making debt repayment more feasible. However, debt consolidation only reduces your interest payments. The overall amount owing on the principal does not change. Read more about Debt Consolidation.

Credit counselling is a process designed to help you come up with a strategy for paying down your debt. Credit counselling can help you with budgeting and allow you to repay your debt more quickly, reducing interest charges. However, it does not reduce the overall amount owing. Still confused about which insolvency process is the best option for you? Contact us for a free financial evaluation. We can get you the help you need to clear up your debt once and for all.

Who we are

We helped over 50,000 Canadians to become Debt Free in our 36+ Years of Experiences At A.Farber, we specialize in debt relief programs. In a simple manner, we can explain to you the differences between Consumer Proposals, Bankruptcy and Debt Consolidation loans. These are some of the options available to you for debt management. Our Licensed Insolvency Trustee can help with debt relief ranging from credit card debt to tax debt.

- 50+ offices across Canada (there's one near you!)
- More than 36 years of insolvency experience
- Convenient meeting times and hours (and all meetings are confidential)
- FREE face-to-face consultation with a trained Debt Administrator or Trustee
- A complete review of your financial situation
- Reasonable solutions to your debt problems

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Trust & Integrity
For over 36 years Canadians have trusted us with resolving their debt problems. Our professional staff is licensed by the federal government to offer these services.

Expertise
In our Canadian owned firm, the 40 licensed professionals have counseled over 50,000 Canadians and guided them to a satisfactory and predictable conclusion to their debt problems. Whether you are single married, separated or widowed we understand your special predicament and can offer a debt relief solution.

People
Alan Farber has assembled a dynamic group of people at A.Farber who deliver exceptional results. For 36 years we have lived with our clients through the emotional upheaval and stress of dealing with debt settlement problems. We are committed to excellence in servicing our clients. We are there to listen to you, to support you and help you rebuild your financial future.

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How We Can Help

A Consumer Proposal (applicable in Ontario and all other Canadian provinces) is a formal agreement between you and your creditors. It includes an offer to your creditors to settle your debt for an amount that is less than the total amount owing. A consumer proposal can result in as much as a 70% debt reduction. More importantly, it allows you to keep your assets, your car and your house. Read more about Consumer Proposals Benefits.

Bankruptcy is a legal process which provides a debtor, who is unable to meet his or her financial commitments to their unsecured creditors, with a process for eliminating his or her debts in an orderly manner. Read more about Bankruptcy Advantages.

The choice of which insolvency process to go with can be a difficult one. Check this page to learn more about the differences between consumer proposal and bankruptcy. Still confused which insolvency process is the best for you? Contact us for a free financial evaluation and we can get you the help you need to clear up that debt once and for all. Learn more about Consumer Proposal Vs Bankruptcy.

More than 50000 Satisfied Customers

Thank you and the staff of A. Farber & Partners for their outstanding service in helping my wife and I turn our lives around. We couldn’t have done it without your help. We know we picked the right people to help us.

Don

Etobicoke

I just received your letter stating my proposal was accepted and I wanted to say THANK YOU! I feel like I get another chance for a better life for myself and especially my son and for that I am truly grateful.

M. J.

Burlington

I got my paperwork in the mail yesterday informing me of my discharge, so thank you very much! I wanted to say "Thank You" for everything you have all done for me. I hope you and everybody over there have a great and safe happy holiday.

N V

North York

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How do I restructure my small business debts?

Owning a small business can be very rewarding, but it can also be very difficult.  An estimated 100,000 small businesses close each year in Canada.  When a small business faces financial struggles, the biggest question for the business owner is, “How can I restructure the debts?”

There are a number of factors to consider when deciding how best to restructure the debts of a struggling small business.  These factors would include: 

The total debts of the business. 

Who the debts are owed to (e.g. Canada Revenue Agency (“CRA”), a secured creditor such as a bank, suppliers, landlords, etc.)

The value of assets of the business and whether those assets are secured.  

The ability of the company to obtain affordable financing to deal with their debts. 

The willingness of the small business owner to put more money into the company. 

The willingness or the ability of the small business owner to invest the time needed keep the business running. 

 

If paying the debts of the company in full on the payments terms that the creditors want is not an option, then the business has the following 3 options for restructuring the debts. 

 

Informal settlement with creditors

 

One option for restructuring the debts of a business and to avoid a small business bankruptcy is to negotiate a settlement with the creditors on an informal basis.  In order for the informal settlement to work, the payments to the creditors must be affordable and the creditors must agree to allow the struggling small business to pay less then the full amount of the debts and/or pay the debts over an extended period of time.  

This option only works when there is a very small number of creditors and when the small business owner has a good relationship with the creditors.  The business owner also needs to feel comfortable negotiating the payment plan and needs to understand what the company can afford to ensure they don’t agree to pay more then the cash flow will allow.  

One of the problems with this option is that it requires all the creditors to agree for it to be effective.  If even one creditor does not agree to reduce the debt and/or agree to an affordable payment arrangement, then plan will not work.  

Another problem is that an informal settlement does not provide protection from creditors. If they want, a creditor can take legal action against the small business.   In addition, CRA does not have the legal authority to accept less then the full amount they are owed in an informal settlement. 

 

A formal proposal to creditors

 

Another option for avoiding a small business bankruptcy while restructuring the debts is for the company to file a formal proposal to creditors.   A proposal allows the small business to negotiate a new payment arrangement with the creditors which will result in the company paying less then the full amount they owe and/or stretch the payments over an extended period of time.  Most proposals result in the small business paying only a portion of their total debts.  In addition CRA has the legal authority to accept less then what they are owed if the small business files a formal proposal.     

Unlike an informal settlement, a proposal does not require all the creditors to accept the offer, once the required majority of creditors accept the proposal, it is legally binding on all creditors.  In addition, a proposal provides full legal protection from creditors.  Once a proposal is filed by a small business, all legal action is stopped and creditors are prevented from starting a new legal action. 

A proposal can only be filed with a Licensed Insolvency Trustee like Farber. 

 

Small business bankruptcy

 

If the small business owner feels that the business is no longer viable or if they don’t have the personal energy to continue running the business, then a small business bankruptcy is the best way to wind up the business and eliminate the debts. 

As part of a small business bankruptcy, the company receives protection from creditors.  All legal action is stopped and creditors are prevented from starting a new legal action.

A small business bankruptcy can only be filed with a Licensed Insolvency Trustee like Farber. 

For more information about a formal proposal or small business bankruptcy, contact Farber.