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So far Goth has created 27 blog entries.

How Often Do Consumer Proposals Get Accepted And What Happens To Make Them Get Accepted ?

A consumer proposal offered to creditors has to be approved by a creditors vote. A vote needs to achieve a majority in value (more than 50%) of creditors voting in favour of the proposal to pass. When a proposal passes, it forces all general unsecured creditors(with minor exceptions)to settle their claims against the debtor for [...]

2019-05-31T22:20:52+00:00Consumer Proposal|

How Much Will I Have To Pay If I Go Bankrupt?

When you meet with a Licensed Insolvency Trustee (LIT) to review your situation and your options, the bankruptcy process results in the least amount you pay and is usually the fastest way to deal with your debt. The other options are designed to pay the creditors in full over time or pay them MORE than [...]

2019-05-31T22:20:44+00:00Bankruptcy|

How Does Bankruptcy Work?

Bankruptcy is your last resort. It is the option to consider when none of the other options are practical. Only Licensed Insolvency Trustees (LITs) are legally qualified to administrate bankruptcies. LITs are obligated to make sure you are provided sufficient information to understand all the basic options available before you decide to choose bankruptcy. Bankruptcy [...]

2019-05-31T22:20:35+00:00Bankruptcy|

How Do I Know If I’m In Financial Trouble?

Is It Time For A Licensed Insolvency Trustee To Review My Finances? Everyone should know what it feels like when you DON’T HAVE financial trouble. That’s when your income is more than enough (Without Using Credit) to pay all your basic living expenses like rent or mortgage, utilities, food and household expenses, clothing, vehicle/transportation expenses, [...]

2019-05-31T22:20:27+00:00Uncategorized|

Do I Have To Disclose All Debts In A Proposal Or Bankruptcy?

When a consumer proposal or bankruptcy starts there is immediate protection from the collection action of all unsecured creditors against the debtor. To get this protection, certain things have to be provided to the Licensed Insolvency Trustee (“LIT”) so that necessary paperwork can be prepared, signed by the debtor and the LIT, and submitted to [...]

2019-05-31T22:19:54+00:00Bankruptcy, Consumer Proposal|

Can I Make A Consumer Proposal To My Creditors By Myself?

No, you can’t. But let’s make sure we are both talking about the same thing. If you ask a Licensed Insolvency Trustee (“LIT”) what a consumer proposal is, the LIT will tell you that it is a specific process according to the Bankruptcy and Insolvency Act (“BIA”) where an individual can offer a compromise to [...]

2019-05-31T22:19:46+00:00Consumer Proposal|

Can Bankruptcy Or A Proposal Deal With Tax Debt?

The simple answer to this is yes. If you go bankrupt or make a proposal that is accepted by creditors, the tax debt is included in either process in normal cases. When Can't It Be Included? Here are some of the unusual cases where further action or collection can be taken by CRA; If the [...]

2019-05-31T22:19:40+00:00Bankruptcy, Consumer Proposal|

“Bankruptcy” is not just “bankruptcy”

Bankruptcy is commonly used to describe one of the government law processes available in federal legislation known as the Bankruptcy and Insolvency Act (BIA). The BIA  regulates the options available to deal with businesses and individuals experiencing financial difficulties. Only Licensed Insolvency Trustees (Trustees) are allowed to administrate the options in the BIA. Individuals seek [...]

2019-05-31T22:19:24+00:00Bankruptcy, Consumer Proposal|