Consumer Proposals

In Edmonton & Northern Alberta

Filing a Consumer Proposal

A consumer proposal is a court-sanctioned process that allows you to negotiate a settlement with your unsecured creditors. It is designed to allow those who cannot afford to pay their debts in full a way to avoid bankruptcy.

For example, if you have $35,000 in unsecured debt (i.e. credit card debts, bank loans, and taxes) and only have $500.00 left each month after your normal living costs, you cannot afford to pay the $1,050 per month minimum payments that would be required. This is the type of situation that a proposal was designed to help with. You could consider making a consumer proposal where you propose to pay the creditors a total of $15,000 over the course of up to a five-year term. In the proposal, you will no interest (this has been frozen by the court), and you end up with one a payment that could be as low as $250.00 per month.

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What is a Consumer Proposal?

Understand the basics of consumer proposals and how they work.

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Consumer Proposals vs Bankruptcy

How are they different? How are they the same? More information here…

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Consumer Proposals & Your Credit

Learn how to get out of debt and build up a strong credit history.

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Debt Consolidation With A Proposal

How does a consumer proposal compare to other consolidation options?

How do You File a Consumer Proposal?

Only a Licensed Insolvency Trustee can file a consumer proposal for you. The first step would be meeting with a proposal administrator at your Trustee’s office. The administrator will assist you in assessing your situation and determining whether or not a proposal will work.

After a detailed review of your finances (i.e. who you owe money to, how much you owe, your monthly cash flow, etc.), the administrator will help you determine what type of offer would be required to satisfy the creditors and whether or not that will fit into your monthly budget. At the same time, the trustee will explain how the proposal process works.

There are fundamental concepts that are essential for you to be familiar with (i.e. voting, the stay of proceedings, etc.). If the numbers appear reasonable for both you and your creditors, the Trustee will help to prepare the documents necessary to file a consumer proposal to creditors.

How do you file a consumer proposal in Edmonton

Who Decides if a Proposal is Acceptable?

For a proposal to be accepted we need to have a majority of the creditors, so there is a formal voting process that takes place. Your unsecured creditors will have 45 days to determine if the proposal is acceptable and as long as we have a majority of the creditors cooperating with the proposal, regardless of which creditors we are dealing with, the consumer proposal is automatically binding on all the creditors involved.

Once the proposal has been accepted by the creditors it is also approved by the court, but this is largely a rubber stamp, as long as the creditors are happy and the proposal has been written properly based on valid information, the court is happy to ratify the creditors’ decision.

Learn how a consumer proposal could work for you!

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Client Reviews

See what our clients have to say about their experience with Goth & Company Ltd.

Goth & Company Ltd. LIT

4.7

Based on 391 reviews

In 2006, I had the opportunity to use Goth & Company. I dealt with Mr. Goth, & his Son. Both of them were so kind, so friendly, & so pleasant to deal with during such a stressful period. They answered all of my questions that I had about filing for my first personal bankruptcy to the best of their ability. Now in 2023 I've had to use their services again. Still Barton is as kind & as friendly as he was seventeen years ago. All the staff that I've meet & that I've deal with have been so friendly & so knowledgeable to deal with. The best thing that anyone can do for themselves is to see Goth & Company as soon as possible to take all the pressure & the frustration off from trying to deal with their debt themselves. I'm so glad that I made the right decision for myself to have used Goth & Company, & I wouldn't hesitate not to use them again if I had to!

Tom P.

14:08 04 Sep 23

Found Goth & Company on the Industry Canada list of Licenced Insolvency Attorneys. Very informative and attentive from the first phone call. A big shout out to LM who handles cases before filing. She responded to e-mails in real time!!! That was new.They are very clear about their role. They are experienced and it shows in their feedback.Please take the budgeting classes that they offer. I know they are mandatory and yet the staff truly take them seriously. There was no judgement on Paula's part. She guided me and for once I felt less guilt and on the cusp of being in control. I keep receipts, I have opened a HISA account. I am slowly putting away my nest egg.I would highly recommend them to anyone in Canada. Honest, transparent and hardworking is how I would describe Goth and Company.My CP was approved this week, on original terms to boot!!!💃🏾

nnm B.

03:54 19 Aug 23

I have found Goth & company Ltd. with some research online. Try to find people who you need to trust and depend on is very hard decision. It s been 2 months and I m very happy with my decision. People works at goth & company are very professional and caring people. If you ask a question or need some information they get back to you very quickly. They can even do everything online without going to the office if you are out of country or some other reason that you can't go to the office. Overall I m very happy with my decision and I recommend them to everyone.

Nurhak P.

15:02 16 Aug 23

excellent experience I had with the staff at Goth & company. The staff I dealt with were not only professional, but they were human beings who understood. They were kind and unbelievably helpful and walked me through the steps one by one, stopping when I needed help. Bankruptcy is a difficult thing to go through and to talk about but they made it easy by breaking tasks into steps and by following along as required. At no point in the process did I feel judged or humiliated. I would HIGHLY recommend this company for all your legal requirements

SAM T.

17:09 04 Jul 23

I filed a consumer proposal at the end of May with Goth & Company Ltd’s help. I was pleasantly surprised at the trustee’s manner during the appointment. Filing a bankruptcy, etc. is kind of nerve wracking and I think my husband and I were expecting to be “dragged through the mud” with questions as to why we couldn’t/didn’t do more to pay our debt (we did a lot! Lol) but it wasn’t like that at all. Our service person was super personable, humorous, understanding, and very clear as we went through the process. Thank you!

Megan K.

16:05 04 Jul 23

I was very nervous in the beginning that this opportunity was too good to be true. My representative Dino walked me through everything and made sure I understood the process. He is the reason I moved forward as he was confident and reassuring that this was the right step. I’m very excited to be able to start paying off my debt and be able to move forward positively regarding my finances.

Melissa W.

03:44 09 Jun 23

WOW! What an excellent experience I had with the staff at Goth & company. The staff I dealt with were not only professional, but they were human beings who understood. They were kind and unbelievably helpful and walked me through the steps one by one, stopping when I needed help. Bankruptcy is a difficult thing to go through and to talk about but they made it easy by breaking tasks into steps and by following along as required. At no point in the process did I feel judged or humiliated. I would HIGHLY recommend this company for all your legal requirements

Cathy W.

10:40 08 Jun 23

Experience, knowledge, assurance, delivery, accomplishment, confidence, great time management are just a few words to describe Goth & Company. I am pleased that I was connected with them. Their efficiency and expertise put me on the path to a sound financial footing. You are safe in their hands. Thanks Goth & Company.

Yvonne C.

13:04 15 May 23

Nice people, friendly and very smooth transaction. They took my stress away in no time and make the situation pleasant. Bankrupting has never been in my vocabulary but due to the “pandemic” I could not see myself moving away from the load of debts. Thanks for having the right attitude in helping me in times of need. It was refreshing! believe me. 5 stars ⭐️ service.

Joseph R.

04:39 07 May 23

Was very knowledgeable. Well explained as what the difference was between debt proposal and bankruptcy. Felt like a big load had been taken off my mind and shoulders. Would recommend this to anyone who is ina place that there income just isn't enough to cover the financial problems a lot of Canadians face. Thank you so much.

Carmen H.

20:18 11 Apr 23

I was very nervous as I had never done a proposal before. Michael Buckler was both patient and kind in discussing each step of my proposal. My mind was put at ease and a huge weight was lifted off of me. I highly recommend Goth & Company Ltd if you find yourself in financial difficulty and need some help.

Teresa M.

14:45 07 Apr 23

I was so pleased with the service I received from Goth & Company. They went above and beyond to help me find the perfect solution for my situation. I was very impressed with the welcoming and service that I have received from their office staff. If anybody finds itself in a stressful debt situation I would highly suggest Goth & Company. It means a lot if u are under a stressful debt situation and there is somebody who is willing to help like Goth & Company.. A big thanks to Heather, Joanne, Mr. Mazerolle and all others that were involved in helping me.

Suvada C.

04:11 05 Apr 23

When a situation in my life was causing severe hardship and I wasn't sure where to turn Goth & Company Ltd. was a saving grace! Barton Goth took the time to explain all of my options and provided clarity and honesty. He never once made me feel pressured to choose their services or made me feel like I was just "another customer" when I had some unusual circumstances his firm took the extra time to find the answers I needed. They made what was a VERY stressful time sensitive matter turn into a very easy and calm situation. I would never recommend using any other firm for these types of situations.

Christie B.

17:56 02 Mar 23

I have a very bad situation regarding my financials. Many years i tried to resolve that situation with no succsess at all. I`ve contacted several companies, individuals for help, but every time I had some reservations to not trust or believe them. I had personal contacts with two face to face but there was no conviction that I can be safe and everything will be OK. Years are passing, I`ve drown deeper and deeper. Praying wasn`t helpful.One day I saw advertise on FB about GOTH&Company. Suddenly lights were up in my had, "Let`s ask them" "Let`s try one more time" I said to myself. I contact them via E-Mail and response was so warm and promising. I continue folowing their instructions and meet first person in person at their site. Somehow I just start to trust. I was so lost in my life. Then I met another person there, then another, then another and I start feeling like I`m home with my family who is here to protect me and give me hope, strength and light to continue my life with hope for good. Now, after I follow their guidance and collect all info about my situation and me personaly, after they listen carefully, process of my freedom started to be reality. I am so confident that they will help anyone who need help this kind as I saw professionalism, honesty, selflessnes and pride what they are doing. Those people are very serious and so strong in their work to help others who are cornered and in agony as I was. I`m not anymore. I`m so calm, clear minded and hopeful, thanks to their work for me. Thank you GOTH&COMPANY for changing my life for good, forever. I wish you the best in your future business and connection with people. Sincerely, Just one of those simple man: Hasan Muratovic. Thank You.

Hasan M.

17:37 02 Mar 23

I called them after talking to other companies that were seemingly out for their own interests. They answered all my questions, were not judgmental, saved me thousands over the adds you see on FB companies. Made me feel like I might actually have hope of a better future. I would highly recommend them to anyone looking for advise on their debt solution options. Life changing.

amanda G.

15:46 02 Mar 23

I have nothing but good things to say about Goth & Company. Since the choice to trust our financial situation with Goth has begun, i have been relieved of unmentionable amount of stress. Trying to repay debts without any way to accomplish that task is a form of insanity. Such a relief to discover and relax with Goth's help.

Jewal B.

22:45 06 Feb 23

Jim and Bart of Goth and Company are the best! Professional, educated and compassionate in all their dealings. I have met them a number of times professionally and have the utmost respect for them and the work they do. I would never hesitate in recommending them to anyone looking for help with their debts.

Gerri N.

20:04 16 May 14

As a fellow Trustee, I can attest that Goth and Company is widely viewed as a leading firm in the personal insolvency market. I have known Barton Goth for several years and have collaborated with him on numerous matters. Barton has personally worked with me in helping individuals to complete their debt restructuring proceedings and successfully achieve a fresh start.

Blair M.

22:52 06 May 14

From time to time our firm needs to refer individuals to a Trustee in Bankruptcy in the Edmonton area and Goth & Company has been an excellent choice. A friendly voice answering the phone, combined with knowledgeable staff making themselves available to answer questions and schedule appointments leads to a great experience. We have always found their technical knowledge to be excellent and the feedback received from previous referrals is always positive. Thanks for your help Goth & Company.

Scott M.

16:46 05 May 14

I have been dealing with Barton Goth for over some time now and know him and his staff to be professional and experienced with insolvency issues. Their personal approach and commitment to providing one on one service is a credit to the Trustee community. Be it either a consumer proposal or a personal bankruptcy, I have no hesitation in recommending Baron and his team.

YRUInDebt

00:55 11 Apr 14

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Will This Clear My Credit Report?

A Consumer Proposal or Personal Bankruptcy Will Clear Up My Credit Report Myth or Fact? Several times a week I get calls from individuals (debtors) who believe that if they go through a consumer proposal or personal bankruptcy their debts will be removed from their...

How Often Do Consumer Proposals Get Rejected?

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...

How Often Do Consumer Proposals Get Accepted?

How Often Do Consumer Proposals Get Accepted? 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...

Do I Have To Disclose All Of My Debts?

Do I Have To Disclose All Debts In A Consumer Proposal Or Bankruptcy? Why It Matters 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...

Can I Make A Consumer Proposal To My Creditors By Myself?

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...

Frequently Asked Questions

Below are commonly asked questions about consumer proposals in Edmonton and in Alberta.

What debts can be included with a consumer proposal?

Credit cards
Bank loans
Tax debt
Payday loans
Student loans, in some cases

How do I know if I qualify?

A Licensed Insolvency Trustee can assess whether if you fall under the Federal requirements that must be met to file a consumer proposal.

Are you able to pay a portion of your debts?
Is the value of what you own greater than your debts?
Are your debts less than $250,000?
Are you able to afford monthly and lump sum payment(s)?

If so, a consumer proposal may be the most cost-effective debt solution for you.

Who can file a consumer proposal?

By law, consumer proposals must be filed by a Licensed Insolvency Trustee (LIT). Our knowledgeable administrating LITs will get all your questions answered and can start your proposal as early as your first appointment if that is what you want. We are here to answer all of your questions and walk you confidently through every step of the process.