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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 [...]

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

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

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 [...]

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

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

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 [...]

How Does Bankruptcy Work?

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

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 [...]

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

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

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, [...]