How Does Farber.ca Work?

Farber.ca operates as the digital front for A. Farber & Partners Inc., a firm of Licensed Insolvency Trustees (LITs) in Canada. Their core function is to provide professional assistance and legal frameworks for individuals struggling with overwhelming debt. The process generally involves assessment, strategy development, and formal implementation of a debt relief solution.

Step 1: Initial Contact and Free Consultation

The journey with Farber.ca typically begins when an individual reaches out for help, usually through their website or phone.

• Online Inquiry: Users can fill out a “Book a FREE consultation” form on farber.ca, providing basic contact information.
• Phone Call: A dedicated toll-free number (+1 844-649-0040) is available for direct contact.
• Confidential Assessment: During this initial, no-obligation meeting (in-person, by phone, or virtually), a Farber.ca debt expert (often an LIT or a qualified professional working under one) will conduct a thorough review of the individual’s financial situation. This includes:
  • Understanding the types and amounts of debt (credit card, tax debt, student loans, etc.).
  • Analyzing income and expenses.
  • Reviewing assets and liabilities.
  • Discussing the causes of financial distress.
• Option Presentation: Based on this assessment, the expert will explain all available debt relief options relevant to the individual’s situation under Canadian law. This ensures the client understands their choices, including consumer proposals, bankruptcy, debt counselling, and potential debt consolidation alternatives.

Step 2: Strategy Development and Recommendation

Once the financial situation is assessed, Farber.ca’s experts will recommend the most suitable path forward, aligning with the individual’s long-term financial goals and ability to repay.

• Tailored Solution: While they offer a range of solutions, the focus is on finding a personalized strategy. For example, if a consumer proposal is recommended, they will outline how it can reduce debt and freeze interest.
• Detailed Explanation: The LIT or expert will clearly explain the implications of each recommended option, including its impact on credit score, assets, and future financial obligations. They will clarify the role of the LIT in the chosen process.
• Pre-Filing Requirements: For formal insolvency options like consumer proposals or bankruptcy, they will guide the client through gathering necessary documents and understanding pre-filing requirements.

Step 3: Formal Implementation by a Licensed Insolvency Trustee

For legally binding debt relief options, a Licensed Insolvency Trustee (LIT) plays a central and legally mandated role.

• Filing the Proposal/Assignment: The LIT formally prepares and files the necessary documents with the Office of the Superintendent of Bankruptcy (OSB) in Canada.
  • Consumer Proposal: The LIT drafts the proposal, which outlines the offer to creditors (e.g., how much of the debt will be paid, and over what period). Once filed, a “stay of proceedings” legally stops creditors from pursuing collections.
  • Bankruptcy: The LIT facilitates the “assignment into bankruptcy” by the debtor.
• Creditor Liaison and Administration: The LIT acts as the official intermediary between the debtor and their creditors.
  • Creditor Voting (Consumer Proposal): In a consumer proposal, creditors vote on whether to accept the proposed terms. The LIT manages this voting process.
  • Asset Management (Bankruptcy): In bankruptcy, the LIT takes control of the non-exempt assets (if any), sells them, and distributes the proceeds to creditors according to legal priority.
  • Distribution of Funds: For a consumer proposal, the debtor makes a single payment to the LIT, who then distributes the appropriate shares to each creditor.
• Mandatory Counselling: For individuals undergoing bankruptcy or consumer proposal, the LIT ensures that mandatory financial counselling sessions are completed. These sessions are designed to provide education on budgeting and money management for future financial health.

Step 4: Completion and Financial Rebuilding

The process concludes once the terms of the debt relief solution are met.

• Discharge: Upon successful completion of a consumer proposal or meeting the requirements for bankruptcy, the individual receives a “Certificate of Full Performance” or a “Discharge from Bankruptcy,” respectively. This legally frees them from their unsecured debts covered by the process.
• Post-Insolvency Guidance: While the formal process ends, Farber.ca typically provides general advice on rebuilding credit and managing finances moving forward, although explicit, detailed Sharia-compliant guidance is not part of their standard offering.

In essence, Farber.ca streamlines the complex legal and financial processes of debt relief in Canada through the expertise of its Licensed Insolvency Trustees, providing a clear path from debt assessment to legal resolution and ultimately, financial fresh start within the conventional financial system. Who Owns Farber.ca?