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  • CERB overpayment bankruptcy consumer proposal
    consumer proposal,  covid-19,  personal bankruptcy

    CERB overpayments can be discharged in a bankruptcy or consumer proposal

    March 30, 2022 /

    The following is a Guidance to Licensed Insolvency Trustees dated March 25th 2022 from the Office of the Superintendent of Bankruptcy’s website: The Government of Canada is beginning to recover Canada Emergency Response Benefit (CERB) where it has been determined that it was paid erroneously or was an overpayment. The Office of the Superintendent of Bankruptcy (OSB) is confirming to Licensed Insolvency Trustees (LIT) that erroneous or overpayment of CERB are provable claims in bankruptcy. Erroneous or overpayment of CERB is a releasable debt in the event of an insolvency given that it is to be treated as a debt owed to the Crown pursuant to subsection 12(2) of the…

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    Victor Fong, CPA, Licensed Insolvency Trustee

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    what is a division 1 proposal

    What is a Division I Proposal?

    September 22, 2007

    My Husband Lied About $350,000 of CRA Debt. What Now?

    September 21, 2019
    i've fallen behind in my consumer proposal payments

    I’m Behind in My Consumer Proposal Payments!

    September 27, 2019
  • 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 /

    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

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    CERB overpayment bankruptcy consumer proposal

    CERB overpayments can be discharged in a bankruptcy or consumer proposal

    March 30, 2022
  • 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 /

    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…

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    Victor Fong, CPA, Licensed Insolvency Trustee

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    The Dash Show

    November 16, 2011
  • credit score canada
    credit,  credit cards,  personal finance

    How Does a Credit Score in Canada Really Work?

    October 11, 2019 /

    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,…

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    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 /

    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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    credit score canada

    How Does a Credit Score in Canada Really Work?

    October 11, 2019
    Relationship Between Personality Traits and Financial Success

    The Relationship Between Personality Traits and Financial Success

    September 25, 2019
    creditor proofing tips for business owners

    Creditor Proofing Tips for Business Owners

    October 22, 2005
  • request for meeting of creditors of consumer proposal
    consumer proposal

    Meeting of Creditors Requested for Consumer Proposal

    October 2, 2019 /

    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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    My Husband Lied About $350,000 of CRA Debt. What Now?

    September 21, 2019
    the next recession canada

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

    October 28, 2019
    what is a division 1 proposal

    What is a Division I Proposal?

    September 22, 2007
  • i've fallen behind in my consumer proposal payments
    consumer proposal

    I’m Behind in My Consumer Proposal Payments!

    September 27, 2019 /

    A reader asks I filed a Consumer Proposal back in April where I’ve been paying $175 biweekly. However, I ended up losing my job back in July and the payments after that were coming out of my savings. I am now down to the last $100 to my name, literally. The next $175 payment is scheduled to be paid in a week’s time, and needless to say, that ain’t going to happen thanks to my broke ass. I filed for Employment Insurance yesterday (I’m stupid and don’t know why I didn’t think of doing it sooner), so there is a possibility it may be approved and I’d get some funds…

    Read More
    Victor Fong, CPA, Licensed Insolvency Trustee

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    consumer proposal car ownership

    Consumer Proposal Car Ownership Problem

    September 20, 2019
    the next recession canada

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

    October 28, 2019
    who is the best licensed insolvency trustee in toronto

    Who is the Best Licensed Insolvency Trustee in Toronto?

    December 10, 2013
  • transferring a home before bankruptcy
    real estate,  personal bankruptcy

    Transferring a Home Before Bankruptcy

    September 26, 2019 /

    A reader asks: My father fell critically ill earlier this year. As a result, he is unable to pay his credit cards as he is not working. The bills are very large. He has no financial assets other than his a commercial property (owned outright). What options does he have? In relation, can the property be sold to my brother and/or proceeds transferred to him (inheritance), then my father proceed to file bankruptcy without repercussions? Here is a breakdown of his finances: $1.2m – commercial property – owned outright Approx 60-80k in credit card debt only Zero income stream from any source, sadly. My father is not a future planner.…

    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
    bankruptcy after divorce

    Bankruptcy After Divorce

    September 22, 2006

    What is the Cost of a Middle Class Lifestyle in Toronto? (Updated May 2021)

    May 7, 2019
  • Relationship Between Personality Traits and Financial Success
    personal finance

    The Relationship Between Personality Traits and Financial Success

    September 25, 2019 /

    During my 20 years as a financial professional and business owner in Toronto, I’ve gotten to know some very successful people and not so successful people. Here are my observations about the former and the latter within the framework of the Big Five Personality Traits, namely (1) Agreeableness; (2) Conscientiousness; (3) Extraversion; (4) Neuroticism; and (5) Openness to Experience. Agreeableness: “Nice guys finish last” – in my experience, this saying is very true. The “difficult person” is usually going to come out ahead financially because he can negotiate more aggressively in his own best interest, be it a real estate deal, salary negotiation or business deal. He won’t be overly concerned…

    Read More
    Victor Fong, CPA, Licensed Insolvency Trustee

    You May Also Like

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

    May 4, 2019
    bankruptcy gambling and substance abuse

    Filing bankruptcy with gambling and substance abuse problems

    October 8, 2019
    creditor proofing tips for business owners

    Creditor Proofing Tips for Business Owners

    October 22, 2005
  • 20 year old considering personal bankruptcy
    personal bankruptcy,  credit cards,  income tax

    20 Year Old Considering Personal Bankruptcy

    September 24, 2019 /

    A reader asks: I messed up big time but I’ve learned a lot of lessons. I earned just a hair shy of $200,000 in my first year as a real estate agent at 20 years old. I was way too immature to have that kind of money, and blew most of it without saving. I invested my tax savings in growing my team which I thought would have been an easy pay back. Lost it all. No worries though just sell more houses. Depression strikes, mother gets very sick, I took on an expensive apartment and car. Not emotionally mature enough to handle these things like an adult yet. Hemorrhaging…

    Read More
    Victor Fong, CPA, Licensed Insolvency Trustee

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    covid-19 bankruptcy canada

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

    March 30, 2020
    bankruptcy after divorce

    Bankruptcy After Divorce

    September 22, 2006
    CERB overpayment bankruptcy consumer proposal

    CERB overpayments can be discharged in a bankruptcy or consumer proposal

    March 30, 2022
123

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Client Reviews

Fong & Partners Inc. - Consumer Proposal & Bankruptcy Trustee
Fong & Partners Inc. - Consumer Proposal & Bankruptcy Trustee
5.0
Based on 65 reviews
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review us on
CECILIAH THUKU
CECILIAH THUKU
00:12 25 Apr 22
Courteous, professional team. Responds to emails and phones promptly and are always ready to help and answer questions.... Very patient and willing to work and accommodate requests given in advance-reasonable.read more
Rob Sinclaire
Rob Sinclaire
20:57 13 Apr 22
I had strong reservations regarding declaring bankruptcy and was encouraged to reach out to seek advice from a trustee.... Victor was amazing and patiently explained the process as well as all my subsequent questions and concerns. He was there with me through the whole process as I made my decision to proceed, and all the different steps over the months leading to my discharge. I highly recommend his services and thank him for assisting me to be now debt free, which feels like a new beginning and a new life.read more
Jameson Labuguen
Jameson Labuguen
17:56 14 Jan 22
Victor is very knowledgeable and treats his clients with care. I recommend anybody looking for his services to talk to... him. He is great at what he does, and will hold your hand throughout the process.read more
messara ng
messara ng
20:00 23 Oct 21
Before talking to Victor, I contacted two other trustees and none of them could provide the information that I needed.... Victor was professional and very helpful. He explained and guided me through the tricky process, and all steps went well and smoothly. I would recommend him and his team without any hesitation.read more
John Smith
John Smith
00:33 23 Sep 21
Extremely informative and helpful service, and very quick to respond too. Thank you for your help, Victor.
Jack Murphy
Jack Murphy
22:37 20 Apr 21
Victor made the entire process super easy and low stress. I just wish I knew about him sooner.
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
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Recent Posts

  • CERB overpayments can be discharged in a bankruptcy or consumer proposal
  • Urgent Info: How Bankruptcy Affects Your COVID-19 Benefits From The Government Of Canada
  • Preparing for the Next Recession – A Guide For The Canadian Middle Class
  • How Does a Credit Score in Canada Really Work?
  • Filing bankruptcy with gambling and substance abuse problems

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© Fong and Partners Inc., 2022
  • return to main site
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  • meet our team