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  • consumer proposal,  income tax

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

    September 21, 2019 / No Comments

    A READER ASKS: Hello, we are 37 F+M married in Ontario for 17 years. Teenage kids. I make $70k in a government job with pension. He owns a contracting business that he opened about 15 years ago. We are well known. He is very successful with several great employees and we get a lot of business. After expenses and wages he might clear $100k. We have $109,000 in the bank combined, today. Through our entire relationship he has paid for everything in cash. Even multiple vehicles. Trips. He saves for what he wants and buys it. He has never had a credit card. All our finances are separate and we…

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    Victor Fong, CPA, Licensed Insolvency Trustee

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  • consumer proposal car ownership
    consumer proposal

    Consumer Proposal Car Ownership Problem

    September 20, 2019 / No Comments

    A READER ASKS: My wife is exploring filing a consumer proposal. We have checked with four insolvency trustee offices. We’re confused on vehicle ownership, and we are getting different answers. 3 years ago, we bought our second car (currently worth 28k). For insurance purposes, I was already the primary driver on the first car, so I was advised that to make her primary, the car should be in her name. At that time, I went ahead and purchased the vehicle and put it in her name. However, I used MY line of credit and MY account to issue the bank draft. Our mutual understanding was that the vehicle is MINE…

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    Victor Fong, CPA, Licensed Insolvency Trustee

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    August 4, 2013
  • consumer proposal,  credit cards

    My Wife Has Made a Huge Mistake

    August 13, 2019 / No Comments

    A READER ASKS: I’ve always been a debt averse person and very conservative with my money. I don’t make a substantial income I grossed $57,000 in 2018 and support my children (1 year and 5 years) and my wife who is currently a stay at home ma, and a great one at that. When my wife and I were married in 2014 we made a joint bank account (added her to my account) and we share our income and expenses freely and equitably. Since then (with a few minor setbacks) we have been able to accumulate $10,000 in savings in our RBC e-savings account, its not much but it took…

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    Victor Fong, CPA, Licensed Insolvency Trustee

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    Meeting of Creditors Requested for Consumer Proposal

    October 2, 2019
  • Submitting a Consumer Proposal to Creditors
    consumer proposal,  case studies

    Submitting a consumer proposal to your creditors (Video)

    May 19, 2019 / No Comments

    Summary A Licensed Insolvency Trustee explains to Mary and Paul that a consumer proposal might be the way to resolve their financial situation. The trustee tells them how a consumer proposal is different from bankruptcy and what they need to do. Meet Mary. Mary took a job right out of college but recently she has had to take a lot of time off to care for her sick husband, Paul. With reduced income and their debts mounting, they are now considering bankruptcy. Their first step was to visit a Licensed Insolvency Trustee, a professional who is licensed by the Office of the Superintendent of Bankruptcy Canada. To their surprise, the…

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    Victor Fong, CPA, Licensed Insolvency Trustee

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  • personal bankruptcy,  consumer proposal,  credit cards

    How To Deal with Credit Card Debt

    May 10, 2019 / No Comments

    In theory, the process for paying off your credit card debt is rather simple: Review the annual interest rates on all of your credit cards. Focus your financial resources on paying off the credit card balance with the highest rate of interest while maintaining the minimum payments on your other credit card balances. Once the credit card balance with highest interest rate has been paid in full, repeat step 2 for the credit card balance with the next highest interest rate. Repeat this process until all your credit card balances are paid in full. What if you don’t have the financial resources to do this because your income is too…

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  • consumer-proposal-or-home equity-loan
    consumer proposal,  real estate

    Consumer Proposal or Home Equity Loan – Which is Better?

    August 24, 2018 / No Comments

    Introduction If you are struggling with high interest credit card debt or balancing multiple loan payments every month you may be looking for a way to consolidate your debt into your home mortgage, a second mortgage or a home equity loan.  This assumes that the equity in your home is greater than what you owe.  But you need to ask yourself, is this the best option or are there other options that are better?  Before going to your bank, mortgage broker or a credit counsellor, you should consider seeing a Licensed Insolvency Trustee (“LIT”) to talk about a consumer proposal. A consumer proposal is a way to combine your unsecured…

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    Victor Fong, CPA, Licensed Insolvency Trustee

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    August 4, 2013
  • replacing a licensed insolvency trustee
    consumer proposal,  personal bankruptcy

    Replacing your Licensed Insolvency Trustee

    March 10, 2018 / No Comments

    So you’ve filed your personal bankruptcy or consumer proposal with a Licensed Insolvency Trustee but for whatever reason, you haven’t been happy with the service you’ve received. Is it possible to replace your Trustee? This will depend on the type of engagement you’re currently undergoing. CONSUMER PROPOSAL Your proposal hasn’t yet been approved If you’ve filed a consumer proposal and it’s been deemed approved by your creditors and the bankruptcy court (i.e., it’s been more than 60 days since the day your proposal was filed and no meeting of creditors has been called), then you’re stuck with your Trustee. However, if your consumer proposal has not yet been deemed approved…

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  • president trump canada
    economics

    How will a Trump Presidency affect you? A guide for Canadians

    January 2, 2017 / No Comments

    TRUMP PRESIDENCY – INTRODUCTION As we head into the year 2017, we are faced with the possible consequences of a Trump Presidency; consequences that will reverberate throughout the world. Trump will certainly have an impact of the geopolitical landscape, but the economic impact of his administration will be even more acute, particularly within countries with high levels of household debt. One of the most significant impacts of “Trumponomics” will be on interest rates. President Trump has promised a massive infrastructure rebuilding program in the United States of $1 Trillion dollars. This has already had an impact on the bond market – yields have increased due to expectations of inflation. This…

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  • how creditors approve consumer proposals
    consumer proposal

    How creditors approve consumer proposals

    October 13, 2014 / No Comments

    When a consumer proposal is filed by a Licensed Insolvency Trustee with the Office of the Superintendent of Bankruptcy (“OSB”), the trustee will send a copy of the proposal to your creditors for their review and evaluation. Your creditors have 45 days from the date your proposal was filed with the OSB to contact your trustee and file the following legal documents: a proof of claim – this a statement signed by the creditor (and witnessed) with supporting documentation indicating that the creditor is owed money by you. a voting letter – this is a document indicating that the creditor shall be : voting in favour of the consumer proposal…

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    Submitting a consumer proposal to your creditors (Video)

    May 19, 2019
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    Creditor Proofing Tips for Business Owners

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  • Case Study: the Student
    consumer proposal,  case studies,  student loans

    Case Study: the Student

    August 4, 2013 / No Comments

    Student With Credit Card Debt Kerri (not her real name) was a third-year student enrolled at York University working towards the completion of her psychology degree. She had accumulated credit card debt since her first year of university after applying for a credit card on campus. She had $12,000 in credit card debt. In addition to this, she also had $10,000 in government student loan debts under OSAP. Student Loans Aren’t Discharged As Kerri was still a student, she was well aware that there was nothing we can do about her student loan debt. Under the Bankruptcy and Insolvency Act, student loans granted under a provincial or federal program cannot…

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    Who is the Best Licensed Insolvency Trustee in Toronto?

    December 10, 2013
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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

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