Call Us Today!

Consumer Proposal

/Consumer Proposal

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

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?

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 ?

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 [...]

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

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 I Make A Consumer Proposal To My Creditors By Myself?

No, you can’t. But let’s make sure we are both talking about the same thing. If you ask a Licensed Insolvency Trustee (“LIT”) what a consumer proposal is, the LIT will tell you that it is a specific process according to the Bankruptcy and Insolvency Act (“BIA”) where an individual can offer a compromise to [...]

2019-05-31T22:19:46+00:00Consumer 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|

What Is A Consumer Proposal? Is It A Good Idea?

Are you looking for affordable debt resolution? Many residents of Edmonton and Alberta are faced with the problem of unmanageable debt. It is important to know that there are multiple solutions. If you are struggling with your debt and are unsure of where to turn, Goth & Company can show you what options are available [...]

“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|

Does A Proposal or Bankruptcy Help Clear up your Credit Report?

A Proposal or Bankruptcy Helps Clear up your Credit Report - Myth or Fact? Several times a week I get calls from individuals (debtors) who believe that if they go through a proposal or bankruptcy their debts will be removed from their credit report and that will make it easier for them to get new [...]

2019-03-22T13:01:44+00:00Bankruptcy, Consumer Proposal|