Grant Thornton vs Farber: Which Debt Relief Firm Is Right for You?

For Canadians facing financial challenges, Grant Thornton and Farber are two well-known options for managing debt. Both are licensed insolvency trustees offering consumer proposals, bankruptcies, and debt solutions—but they differ in approach, services, and client experience. Here’s what you need to know to decide which firm fits your needs best.

Overview

• Grant Thornton: Founded in 1924 in Canada, highly professional, structured, and suited for complex debt situations.
• Farber: Established as a trusted debt relief and bankruptcy firm, focusing on personalized support and client education.
• Both firms offer consumer proposals, bankruptcy services, credit counseling, and financial guidance.
• Free consultations are available at both firms.

Consumer Proposals

• Grant Thornton: Ideal for clients with larger or complicated debts. Offers structured solutions to negotiate with creditors.
• Farber: Emphasizes clear communication and support throughout the process, making it easier for first-time clients.

Bankruptcy Filings

• Grant Thornton: Prioritizes efficiency and reducing long-term credit impact.
• Farber: Focuses on educating clients about the process and rebuilding credit after bankruptcy.

Credit Counseling and Budgeting

• Farber: Offers personalized budgeting and money management advice to help clients regain control.
• Grant Thornton: Provides counseling as part of debt restructuring, but is more known for corporate-style, structured approaches.

Ease of Working With

• Grant Thornton: Professional, corporate-style processes. Best for those comfortable with formal procedures.
• Farber: Friendly, approachable, and supportive. Suited for clients who need guidance, education, and reassurance.

What to Watch Out For

• Ensure you are working with a licensed insolvency trustee, not an unlicensed middleman.
• Consumer proposals and bankruptcies remain on your credit report for several years.
• Avoid upfront fees from third-party companies claiming to work with Farber or Grant Thornton.

Consider Refinancing First

Before committing to a consumer proposal or bankruptcy, you may want to explore refinancing your car loan to lower interest rates and monthly payments.

Benefits include:

• Lower interest rates
• Reduced monthly payments
• Avoiding long-term credit impact

CarRefinancing.ca helps match Canadians with lenders who can help reduce payments without filing for insolvency.

Final Thoughts

• Grant Thornton: Best for complex debts and structured solutions.
• Farber: Best for personalized guidance and first-time clients seeking support.
• CarRefinancing.ca: Best for lowering payments and improving cash flow without impacting credit.