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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 ?

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?

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?

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 [...]

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

Consumer Proposals vs Bankruptcy – What Is The Difference?

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 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|

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 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|