What Are the Benefits of Using Farber.ca?

Using Farber.ca for debt relief offers several significant benefits for individuals struggling with financial burdens in Canada. These advantages primarily stem from their professional expertise, legal standing, and client-focused approach.

1. Legal Protection and Stop to Collection Calls

One of the most immediate and impactful benefits is the legal protection offered, particularly through consumer proposals and bankruptcy.

• Automatic Stay of Proceedings: Once a consumer proposal or bankruptcy is filed, an automatic “stay of proceedings” comes into effect. This legally prohibits unsecured creditors from initiating or continuing collection calls, lawsuits, wage garnishments, and other legal actions.
• Immediate Stress Relief: This legal protection provides immediate and significant stress relief for debtors who are often overwhelmed by constant harassment from creditors. It creates a breathing room to focus on resolving the debt without external pressure.
• Prevention of Further Legal Action: It stops creditors from pursuing legal judgments, property liens, or other aggressive measures, protecting the debtor’s assets (within legal limits for bankruptcy exemptions).

2. Significant Debt Reduction and Interest Freeze

For many, the most tangible benefit is the ability to reduce the overall amount of unsecured debt owed and to stop the accumulation of interest.

• Consumer Proposal Efficacy: Consumer proposals often allow individuals to pay back only a portion of their unsecured debt (e.g., 20-40 cents on the dollar), making repayment feasible. The remaining debt is forgiven upon successful completion.
• 0% Interest on Proposal: Once a consumer proposal is accepted, all interest charges on the included unsecured debts are frozen. This means your payments go directly towards reducing the principal amount of the proposal, rather than being consumed by accumulating interest.
• Fixed Payments: Payments under a consumer proposal are typically fixed, affordable monthly amounts, making budgeting easier and providing predictability.

3. Professional Expertise and Guidance

Navigating debt relief options and insolvency laws can be complex. Farber.ca provides access to certified professionals.

• Licensed Insolvency Trustees (LITs): Their services are delivered by LITs, who are the only professionals licensed by the Canadian government to administer consumer proposals and bankruptcies. This ensures expert, legally compliant, and ethical guidance.
• Tailored Solutions: LITs assess individual financial situations and recommend the most suitable debt relief option, ensuring that the solution fits the client’s specific needs and ability to repay.
• Navigating Complexities: They handle all the paperwork, legal filings, and negotiations with creditors, simplifying a daunting process for the debtor.

4. Consolidated Payments

For those who opt for a consumer proposal, payments are streamlined.

• One Monthly Payment: Instead of juggling multiple payments to various creditors, you make one affordable monthly payment to the LIT, who then distributes the funds to your creditors. This simplifies financial management and reduces the chance of missing payments.

5. Fresh Financial Start and Future Planning

Beyond immediate relief, Farber.ca helps clients move towards a more stable financial future. Farber.ca Pricing

• Defined End Date: Both consumer proposals and bankruptcy have clear timelines, providing a definitive end to the debt burden and a path to financial recovery.
• Financial Counselling: As part of the process, particularly in bankruptcy, mandatory financial counselling sessions help individuals develop better budgeting habits and financial literacy, reducing the likelihood of future debt issues.
• Opportunity to Rebuild Credit: While insolvency impacts credit, successfully completing a consumer proposal or receiving a bankruptcy discharge allows individuals to begin the process of rebuilding their credit history.

In essence, the primary benefits of using Farber.ca revolve around gaining legal protection, achieving significant debt reduction, receiving expert guidance through a complex process, simplifying payments, and ultimately, securing a path to a fresh financial start within the conventional Canadian financial system.