BDO Canada vs Farber: Which Debt Relief Firm Should You Choose?

If you’re struggling with debt, BDO Canada and Farber are two trusted options to help Canadians get back on track. Both are licensed insolvency trustees offering consumer proposals, bankruptcies, and debt counselling—but they differ in approach, services, and client experience.

Here’s a breakdown to help you decide which firm may be right for your financial situation.

Overview

• BDO Canada: Established in 1921, known for accessibility, client support, and clear guidance throughout the debt relief process.
• Farber: Focused on personalized support and education, helping clients understand their options and rebuild credit.
• Both firms offer consumer proposals, bankruptcy services, credit counseling, and financial guidance.
• Free consultations are available at both firms.

Consumer Proposals

• BDO Canada: Provides straightforward explanations and supportive guidance, ideal for first-time clients.
• Farber: Offers detailed support and personalized planning to help clients manage their debts effectively.

Bankruptcy Filings

• BDO Canada: Focuses on minimizing long-term credit impact while providing education on rebuilding credit post-bankruptcy.
• Farber: Emphasizes clarity, step-by-step guidance, and emotional support during the bankruptcy process.

Credit Counselling and Budgeting

• BDO Canada: Offers budgeting advice, debt management strategies, and ongoing support to improve financial literacy.
• Farber: Known for hands-on, personalized counseling, helping clients regain control of their finances.

Ease of Working With

• BDO Canada: Friendly and approachable, suited for clients who want guidance through the process.
• Farber: Supportive and educational, ideal for those who need extra reassurance and step-by-step explanations.

What to Watch Out For

• Make sure you are working directly with a licensed insolvency trustee.
• Consumer proposals and bankruptcies remain on your credit report for several years.
• Avoid third-party companies that charge fees to refer you to BDO or Farber.

Consider Refinancing First

Before pursuing a consumer proposal or bankruptcy, consider refinancing your car loan or consolidating debts. Benefits include:

• Lower interest rates
• Reduced monthly payments
• Avoiding credit damage from insolvency

CarRefinancing.ca can connect you with lenders who understand your situation and help lower your payments without filing for insolvency.

Final Thoughts

• BDO Canada: Best for first-time clients looking for approachable guidance and support.
• Farber: Best for clients who want personalized, educational support through the debt relief process.
• CarRefinancing.ca: Best for Canadians wanting to lower payments and improve cash flow without impacting credit.