Starting Over Toronto - Credit Counselling, Debt Consolidation and Bankruptcy Options and Services
Are you:
- Using your credit cards as a necessity rather than a convenience?
- Using paycheque cashing companies frequently?
- Borrowing to make it to your next payday?
- Being harassed by collection agents or creditors?
- Having your wages garnisheed?
- Being sued by a creditor?
- Concerned about avoiding personal bankruptcy?
Then we can help…
Every year, thousands of Canadians experience financial difficulty. Whatever your reason, the professionals at Fong and Partners Inc. can help you get back on your feet.
Since 1975, Fong and Partners Inc. has helped hundreds of people from all walks of life solve their financial problems. We'll earn your trust, respect your privacy, and get you back on track.
In a free, no obligation, confidential consultation with a member of our professional team, we'll listen to your problem and explain your options. And with our "Starting Over" program we'll help you learn how to rebuild your credit.
Our service does not just end upon eliminating your debt. We are aware of the difficulties faced by people when trying to obtain credit for items such as vehicles, homes, and credit cards after completing insolvency proceedings. It is this awareness that has allowed us to develop a network of organizations to assist you in rebuilding your credit.
We are in a position to refer you to organizations that can assist in financing a vehicle, real estate purchase, or obtaining a credit card account notwithstanding your insolvency or bankruptcy.
People expect more from us - and we will always take that extra step to help you in Starting Over.
The following options are available to you, depending on the severity of your problem:
Credit counselling
In many cases, people get into financial difficulty simply through poor money management and are able to repay their creditors with some sound advice. In these cases we can work with you in developing a financial plan to control your finances.
Proposal to creditors
If it appears that you cannot repay all of your creditors, a proposal might be the solution. A proposal is a legal process in which we work with you to make a repayment plan to your creditors. We help determine what type of plan you can afford to pay and what terms will be acceptable to your creditors.
A successful proposal will allow you to avoid bankruptcy and minimize the effect on your credit rating. When you file a proposal, your creditors will be stopped from taking most legal steps to recover their debts from you; for example, imposing wage garnishees. We will contact your creditors directly.
Bankruptcy
If you are unable to solve your problems with credit counselling or a proposal to your creditors, then you may have to consider making a voluntary assignment in bankruptcy.
Bankruptcy is a legal process, regulated by the Bankruptcy and Insolvency Act, by which you may be relieved of most, or all, of your debts. When you declare bankruptcy, your creditors will be stopped from taking most legal steps to recover their debts from you. We will contact your creditors directly.
The two most common questions people ask about bankruptcy are:
1. Will I lose my assets?
In the majority of situations, you won't lose your assets, as Ontario law allows a bankrupt person to retain:
- Household furniture up to $11,300
- Personal effects up to $5,650
- Tools of the trade up to $11,300
- A vehicle valued up to $5,650
- Pensions
- Other special exemptions for farmers
- Certain life insurance policies and certain RRSPs
Other assets you have may be sold by the trustee for the benefit of your creditors; however, this will be discussed in greater detail in your initial free consultation with one of our professionals. Arrangements can also be made to allow you to keep assets that would normally be sold.
2. What happens to the income I earn during my bankruptcy?
You may be required to make a payment of a portion of your income during the bankruptcy period. As each individual's situation is different, we will advise you prior to the bankruptcy of any payment required and what the likely time period will be.
As compassionate professionals who want to help solve your financial problems, we will explain your options to you in detail and help you make decisions that are right for you. Our representatives will help you develop a creative, workable solution that will see you through your time of financial difficulty so that you can have the fresh start that you deserve.
Application Form - a pdf form |
