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So far Goth has created 44 blog entries.

My Incorporated Business is Failing, What Should I Do?

One of the basic reasons to set up a Corporation (incorporated business) is to limit your legal liability for business debts that are debts of the corporation. For example, you set up a construction company and start credit accounts for the company with suppliers of lumber, hardware, fuel, insurance, and the like(trade debts). You are [...]


Statute of Limitations on Old Debts

I’ve Been Told A Creditor Cannot Collect On An Old Debt Is This True? In certain circumstances, this is true. The ability of a creditor to legally pursue collection for an old debt has some limitations by Provincial Law which can vary from province to province. In Alberta, the Limitations Act, in general, prevents a [...]


Is Bankruptcy Common?

How Many People Go Bankrupt? In Canada, we have progressive insolvency laws that allow individuals to get a fresh financial start. The major piece of law is the Bankruptcy and Insolvency Act, the ”BIA” which contains the 2 common options used by individuals to get a fresh start. These 2 common options are consumer proposals [...]

What Do I Need To Do To Deal With My Debts And Get A “Fresh Start” ?

When The Debts Are Piling Up... Most people with a financial problem actually have 2 problems; They spend more than they make, and Their debt load is out of control Both problems have to be fixed before your problem is cured. Try this: Item 1) - write down the sources and amounts of your monthly [...]


Debt Consolidation in Canada

Your personal finances can be tricky to manage. For many Canadians, maintaining a monthly cash-flow is a balancing act that can fall to pieces with an unexpected expense in the $200 range. So many of us have experienced it at some point, and the rest of us know someone who has. One missed bill payment [...]

Consumer Proposals & Your Credit History

Rebuilding Your Credit After A Consumer Proposal For many insolvent Canadians, the burden of a high debt-load is often made worse by long-term implications arising from poor credit history. Having “good credit” is often just as much a priority as getting out of debt. It is important to remember which should come first. It will [...]

2019-09-20T23:21:34+00:00Consumer Proposal|


This is a very common question we get as LITs (licensed insolvency trustees). Sometimes the question is “if I don’t get to keep my car (or house) this meeting is over” or a variation of this. So what’s the answer? The LIT’s responsibility, as the trustee of a bankruptcy, is to make sure you understand [...]


Why Do I Have To Make Surplus Income Payments?

IF I CAN’T AFFORD MY VEHICLE AND HOUSE PAYMENTS - WHY DO I HAVE TO MAKE SURPLUS INCOME PAYMENTS?   Have you done some research about bankruptcy which says that you have to make payments to the trustee for surplus income but you don’t have enough income to make your vehicle and house payments?  It [...]