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 [...]


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 [...]


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 [...]

2019-09-20T23:22:04+00:00Bankruptcy, Consumer Proposal|

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 [...]

2019-09-20T23:22:11+00:00Bankruptcy, Consumer Proposal|

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 [...]


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 [...]

2019-09-20T23:22:41+00:00Bankruptcy, Consumer 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 [...]


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 [...]