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  • covid-19 bankruptcy canada
    covid-19,  personal bankruptcy

    Urgent Info: How Bankruptcy Affects Your COVID-19 Benefits From The Government Of Canada

    March 30, 2020 / 2 Comments

    We have been receiving inquiries from people: who are either contemplating bankruptcy or have already filed bankruptcy and haven’t yet been discharged; and are concerned about the impact bankruptcy will have on the various benefit programs that were introduced under the COVID-19 Emergency Response Act. What follows is an e-mail issued to all Licensed Insolvency Trustees earlier today from the Office of the Superintendent of Bankruptcy. This should give you some guidance on how your bankruptcy will affect your benefits under the various programs. Note: “OSB” is an acronym for the Office of the Superintendent of Bankruptcy ——————————————————————————————————————– Guidance re: COVID-19 Emergency Response Act The Government of Canada has introduced the COVID-19 Emergency…

    Read More
    Victor Fong, CPA, Licensed Insolvency Trustee
  • coronavirus recession
    economics,  investing

    Is The Worst Yet To Come? The 2020 Coronavirus And What Happens Next

    March 12, 2020 / No Comments

    The coronavirus and its attendant consequences on the global economy are are wreaking havoc on the financial markets. Here are two entirely speculative scenarios on what could happen next: Coronavirus Scenario 1: Things Work Out Fine The coronavirus burns itself out in the spring or summer, and things will eventually return to normal. That would be the ideal scenario. However, the coronavirus situation in both Singapore and Australia suggest that this might not happen. Coronavirus Scenario 2: A Recession or Depression The virus persists until a vaccine is made available to the public (which won’t happen for another 12 – 18 months). The global economy freezes up because people around…

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    Victor Fong, CPA, Licensed Insolvency Trustee

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  • housing bubble in canada
    real estate,  consumer proposal,  economics,  personal bankruptcy

    Is There A Hidden Real Estate Bubble in Canada?

    December 14, 2019 / 1 Comment

    Is there a “hidden” real estate bubble in Canada? This is a question I asked myself since last week when I started receiving panicked phone calls from people that purchased real estate during the height of the Toronto real estate market. Specifically, they purchased properties prior to April 21 2017 before the Non-Resident Speculation Tax came into force. There are two phone conversations that stand out in my mind which I’ll discuss… Investment Property Purchase Last week I received a call from a real estate investor who also happens to be a mortgage broker. He purchased a rental property just north of Toronto on Steeles Avenue in early 2017. It was financed…

    Read More
    Victor Fong, CPA, Licensed Insolvency Trustee

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    Take Caution When Selling or Purchasing a Condo Assignment – GST/HST issues

    May 4, 2019
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    Consumer Proposal or Home Equity Loan – Which is Better?

    August 24, 2018
    Toronto real estate prices

    Toronto real estate prices increase 33% in a year

    April 5, 2017
  • thank god I'm Canadian
    case studies

    Thank God I’m a Canadian

    December 4, 2019 / No Comments

    I count my blessings that I’m a Canadian from r/PersonalFinanceCanada

    Read More
    Victor Fong, CPA, Licensed Insolvency Trustee

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    Understanding the bankruptcy discharge (Video)

    May 22, 2019
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    What to expect if you file for bankruptcy (Video)

    May 20, 2019

    What is the Cost of a Middle Class Lifestyle in Toronto?

    May 7, 2019
  • canadian consumer insolvencies
    economics,  consumer proposal,  personal bankruptcy

    Why Consumer Insolvencies in Canada Are Increasing (Despite A Strong Economy)

    November 15, 2019 / No Comments

    Why Are Consumer Insolvencies Increasing Among Responsible Canadians? I am what is called a Licensed Insolvency Trustee. People come to me when they need help with debt relief, in particular Canadian consumer insolvencies proceedings under the Bankruptcy and Insolvency Act. If they have little in assets or income, they’ll usually file for personal bankruptcy. If they have significant assets or income, they’ll usually settle with their creditors by a legal proceeding called a consumer proposal. Regardless of the proceeding chosen, a debtor is required to undergo something called Insolvency Counselling. So what is it? In colloquial terms, Insolvency Counselling is when the LIT sits down with a debtor and examines…

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    Victor Fong, CPA, Licensed Insolvency Trustee

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  • the next recession canada
    economics,  budgeting,  consumer proposal,  investing,  personal bankruptcy,  personal finance

    Preparing for the Next Recession – A Guide For The Canadian Middle Class

    October 28, 2019 / No Comments

    As a CPA and Licensed Insolvency Trustee, I had a front row seat during the Great Recession of 2009 – 2011. I saw the devastating impact it had on the lives of ordinary Canadians. These were everyday people who were for the most part honest, hard working, and played by the rules. Yet they found themselves on the short end of the stick when the Great Recession started 10 years ago: some lost their jobs, some had their financial portfolios decimated, some lost their homes and quite a few experienced losing all three. It’s been over 10 years since the onset of the Great Recession and Canadians are more indebted…

    Read More
    Victor Fong, CPA, Licensed Insolvency Trustee

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    November 15, 2019

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    April 4, 2015
  • credit score canada
    credit,  credit cards,  personal finance

    How Does a Credit Score in Canada Really Work?

    October 11, 2019 / No Comments

    Introduction In theory, a credit score should be quite simple – through an algorithm, you’re assigned a numerical score that determines your credit worthiness. The score is a weighted average of many factors, including but not limited to: Your payment history Your credit utilization rate, which is how much of your credit limit you have uses versus how much you have available to you Balance owing on your debts The length of your credit history Public records (such as bankruptcy) Number of inquiries into your credit file Different Credit Scores But the reality is not that simple. Here are the complicating factors: Each of the two major credit rating agencies,…

    Read More
    Victor Fong, CPA, Licensed Insolvency Trustee
  • bankruptcy gambling and substance abuse
    personal finance,  personal bankruptcy,  student loans

    Filing bankruptcy with gambling and substance abuse problems

    October 8, 2019 / No Comments

    A readers asks First and foremost I’m a gambling addict and also have problems with substance abuse. I have accumulated so much debt that I have fallen into a deep depression and I just beat myself up daily because I did it to myself. My debts: $3,000 of credit card debt, $11,000 line of credit, $11,000 in payday loans (the worst I know). I pay around $380 a month just on interest charges; pretty much my debts are not going away. I have personal loans from friends of $6.500 and a student loan of $5,000 – I haven’t made a payment since around 2008. I also have a payday loan…

    Read More
    Victor Fong, CPA, Licensed Insolvency Trustee

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    Wall Street Bailouts Caused the Canadian Housing Crisis

    October 4, 2019 / No Comments

    The consequences of the 2008 Financial Crisis and the remedies initiated by the Federal Reserve to deal with it have reverberated throughout the global housing markets during these past 10 years. Readers may recall that in late 2008, the U.S. Federal Reserve implemented a money-printing program euphemistically referred to as Quantitative Easing (“QE”) in order to prevent a total collapse of the global financial system. In colloquial terms, the Fed, the White House and the United States Congress co-operated to bail out Wall Street after they screwed up. Money-printing causes price inflation in that more dollars are chasing a fixed quantity of assets. This has been particularly true for real…

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    Victor Fong, CPA, Licensed Insolvency Trustee

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  • request for meeting of creditors of consumer proposal
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    Meeting of Creditors Requested for Consumer Proposal

    October 2, 2019 / No Comments

    A reader asks: I filed a consumer proposal back in August and a meeting was just called with my creditors. I only have BMO (majority holder) and RBC to deal with. They rejected my first offer and we are counter-proposing with another amount. I feel like we should just accept the amount that they want at this point. But I know that I am being helped so I pay the least in the end. I don’t want the proposal to be rejected. It sounds like it’s only a difference of $50 from what I could gather. How likely is it to be rejected? Or does this meeting just serve as…

    Read More
    Victor Fong, CPA, Licensed Insolvency Trustee

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Client Reviews

Fong & Partners Inc. - Consumer Proposal & Licensed Insolvency Trustee
Fong & Partners Inc. - Consumer Proposal & Licensed Insolvency Trustee
5.0
Based on 44 reviews
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Ursula Purvis
Ursula Purvis
19:51 04 Jun 20
Being free of this large and daunting debt wasn’t something we thought was attainable 5 years ago but with the kind... and professional help of Victor and Mary, we are officially debt free today! We are beyond grateful and highly recommend them if you are looking for a stress free and reliable help in becoming debt free!read more
Sarah A Maezing
Sarah A Maezing
13:41 01 Jun 20
I wish I could give Victor 100 freaking stars!!! He is an intelligent professional with an awesome heart. He was very... helpful with advice and explained processes in a way that was stress free and easy to understand. If you need help with finances, stop looking and hire this man!read more
Beruk Abdisa
Beruk Abdisa
18:35 28 May 20
They helped me get my debts resolved, they are very good and I would recommend them to anyone and everyone. Thank you
Darwin Palma
Darwin Palma
00:56 28 Apr 20
I have only good words to say about Fong & Partners, Inc. From the very beginning they were very helpful, very patient... and supportive, and also very straightforward about the process. I'm very glad to have had them by my side through this ordeal.read more
Shah Ahsan
Shah Ahsan
17:36 08 Apr 20
Victor is a professional, honest and transparent insolvency trustee that has handled my case very well from start to... finish. Throughout the process, he has been reliable and communicative. I cannot thank him enough for his help in rehabilitating my previously dire financial situation.read more
Jason Gittens
Jason Gittens
19:19 26 Feb 20
Kind understanding people, very professional and were able to make the whole process really easy and convenient. I... highly recommend them. I likely won't be a return customer, and thats a good thing here. But if i ever had any family or friends who needed their help and expertise, i would not hesitate to recommend Fong and partners, thank you!read more
A. Brown
A. Brown
13:12 05 Feb 20
A family member had been having some debt problems, and I took her in to see Victor, after having read other google... reviews. He was very prompt in replying to my initial email inquiry and slotted us in for the next day. After reviewing all of her financial information, he concluded that it would not be in her best interest to file for bankruptcy. That really impressed me, because he does not make a dime telling us that. He could easily have gone ahead and started a bankruptcy for her and earned himself some fees, but he instead advised her on a course of action that would be most beneficial to her. You don't always see that level of honesty and integrity in the marketplace these days. Thanks, Victor.read more
Balazs Bagi
Balazs Bagi
16:41 22 Jan 20
Went and visiting Vic at his office, and he was able to help me take a closer look at my situation. His advice helped... me understand that I'm in better shape than I thought, but if I ever needed help with a proposal or bankruptcy, I wouldn't hesitate to come back and work with Fong & Partners. Thanks Vic!read more
Steve Brown
Steve Brown
15:30 09 Jan 20
Victor and Mary are great to work with. They always respond quickly to questions by email. They are very professional... and not at all judgmental. They took all the stress away and provide good financial advice.read more
Sara Liborio
Sara Liborio
19:06 08 Jan 20
I was dealing with a lot of debt on my own. I was very proud of my credit score it had been very high for many years.... It was a sense of pride to keep it in good standings. One day, feeling weighed down by this crippling debt, (most of which was not even mine) I knew I needed help. Personally, I did not feel well in claiming Bankruptcy, I wanted to take ownership of the debt but I knew it was so overwhelming and I needed help. My cousin told me about Fong and Partners. I read a few reviews and made an appointment. It was very comprehensive, Mary and Victor were very kind and reassuring. I made a 5 year payment plan that was easy enough to maintain and here we are! I am debt free! I am very grateful for the support I received at Fong and Partners and look forward to living a life as debt free as possible and rebuilding my credit score! Thank you very much Fong and Partners!read more
Mike Ross
Mike Ross
17:38 25 Nov 19
My wife and I are contemplating filing for bankruptcy but wanted to know all of our options so we could make an... informed decision. Victor was very insightful and answered all of our questions. You're in good hands with Victor Fong.read more
shokofeh rezai
shokofeh rezai
18:05 20 Nov 19
If your debts are stressing you out and you need a way out Fong and Partners should be your go to. Victor has been... helpful and patient. He will provide you with the best possible solutions to get out of your debts. Highly recommended.read more
Phillip Tanner
Phillip Tanner
17:36 14 Oct 19
Vic really knows his stuff, he was able to clearly explain what I needed to do and what my options were and how to... navigate all the paths. Gave me a lot of peace of mind.read more
Péter Zoltán
Péter Zoltán
08:11 21 Sep 19
In a desperate time he shows professionalism in explaining everything meticulously and if needed once more and once... more and once more... But what I appreciate even more is that years after the discharge he still helps in case of emergency - i just got a collection note of a discharged item, and he answered my help request within 25 minutes!!! You can trust himread more
Humayun N. Khan
Humayun N. Khan
02:51 20 Sep 19
It is very difficult to discuss financials with somebody, especially when a family is in a troubled time. It is during... these vulnerable times that Victor came forward and offered to help in every way he could. He is a service to the whole community and answers all questions honestly, openly, and gives the right guidance. He gave the pros and cons of our situation, and just speaking with him with his prompt replies made us feel at ease and see light at the end of the tunnel. While we're based in Alberta, and Victor in Toronto, he has full knowledge of laws in all of Canada and provided us a referral to someone that can help and that has worked with him. We firmly believe that Victor is not in this business solely to make money; he gets pleasure out of helping people, guiding people, and solving people's problems. A sincere thank you, Victor!read more
Caitlin O'Leary
Caitlin O'Leary
16:52 16 Sep 19
I couldn't be happier. Victor and his team have been very supportive, helpful and flexible throughout my contract. I... am thrilled to now be debt free!read more
Patrick Dingli
Patrick Dingli
02:18 31 May 19
Victor was a huge help in a time of need. If you’re in need of his services. He won’t let you down.
Heather Whittle
Heather Whittle
14:03 16 May 19
I had the pleasure of working with Victor Fong for a number of years. Extremely professional, non-judgmental and... sympathetic. One of the best in the business! I recommend Victor above all others to help you get a fresh financial start! All the best Victor!read more
Kamila Nachtmann
Kamila Nachtmann
22:25 10 Oct 18
Going through financial troubles and bankruptcy is emotionally draining. Victor and Mary are professional,... understanding and very helpful. They make you feel comfortable. So important to know you are in good hands. Very helpful and responsive, even long after the file is closed. Such a heavy weight lifted to be able to start fresh! I can't thank them enough!!! If you need help , do not look anywhere else.read more
Next Reviews

Recent Posts

  • Urgent Info: How Bankruptcy Affects Your COVID-19 Benefits From The Government Of Canada
  • Is The Worst Yet To Come? The 2020 Coronavirus And What Happens Next
  • Is There A Hidden Real Estate Bubble in Canada?
  • Thank God I’m a Canadian
  • Why Consumer Insolvencies in Canada Are Increasing (Despite A Strong Economy)

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