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Consumer Proposals & Your Credit History

2019-07-29T14:38:15+00:00Consumer Proposal|

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 [...]

IF I Go BANKRUPT DO I LOSE MY CAR / HOUSE ?

2019-07-29T14:12:43+00:00Bankruptcy|

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?

2019-07-29T14:03:26+00:00Bankruptcy|

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 [...]

I Need A Proposal Or Bankruptcy To Help Me With Debt But I Can Pay My Visa Account To Keep A Credit Card Right ?

2019-07-11T17:46:40+00:00Bankruptcy, Consumer Proposal|

This is a regular question we get when we meet with people to review their financial situation. Some people are disappointed with our answer and some people are happy when we can figure out a way. Let’s take a look at some of the factors that we have to consider to answer this question; We [...]

Will Declaring Bankruptcy or Filing a Consumer Proposal Harm My Credit Rating?

2019-07-11T17:38:14+00:00Bankruptcy, Consumer Proposal|

I’ve Been Told That I Should Not Use Bankruptcy Or A Proposal Because They Will Harm My Credit Rating. Is This True?   People in debt don’t use a proposal or go bankrupt because they want to, they use one of these options because they have to. They have no reasonable alternative to assist them [...]

How Will Bankruptcy Affect My Spouse?

2019-06-24T13:32:46+00:00Bankruptcy|

Your bankruptcy may have no effect on your spouse. But the answer to this question depends on whether your spouse co-signed debts with you, if you own assets jointly, or if your spouse contributes a large portion of the household income. Then there is the question of your bankruptcy affecting your spouse’s credit rating. Let’s [...]

How Often Do Consumer Proposals Get Rejected And What Happens If They Are?

2019-06-24T13:19:42+00:00Consumer Proposal|

Consumer proposals get accepted in our office “eventually” at a rate of 95% or better. This means a combination of acceptance by creditors votes by the initial vote 45 days from the filing of the proposal PLUS acceptance of proposals that are initially rejected but are accepted after they are negotiated and/or amended (usually by [...]

Consumer Proposals vs Bankruptcy – What Is The Difference?

2019-06-01T00:44:20+00:00Bankruptcy, Consumer Proposal|

Bankruptcy is just one form of debt resolution, and it is typically a last resort. Knowing your options can save you not only thousands of dollars but also give you peace of mind about your financial future. At Goth & Company, we want to ensure you have all the information you need to make the [...]