Consumer Proposal Services in Calgary
Reduce your debts by up to 70% while keeping all your assets
Goth and Company provides federally regulated consumer proposal services in Calgary as Licensed Insolvency Trustees – the only professionals legally authorized to file consumer proposals in Canada. A consumer proposal lets you pay a portion of what you owe over up to 5 years, with payments based on what you can afford.
Trusted Consumer Proposal Filing in Calgary Since 1993
Filing a consumer proposal in Calgary needs expertise you can rely on. Choosing the right Licensed Insolvency Trustee makes all the difference, especially for Calgary residents in volatile industries like oil and gas, energy, or construction.
Goth and Company is a Licensed Insolvency Trustee firm that follows the federal legal process established under the Bankruptcy and Insolvency Act. We’ve been incorporated since 1993, helping Calgary residents through multiple economic cycles.
Goth and Company offers immediate creditor protection through federally regulated consumer proposals, helping Calgary families keep their homes while eliminating overwhelming debt.
Consumer Proposal & Debt Relief Services in Calgary
Consumer proposals work as the preferred alternative to bankruptcy for individuals who can afford to pay a portion of their debts.
Goth and Company delivers professional administration with a 99% acceptance rate for consumer proposals based on our office experience over decades of practice.
Consumer Proposals in Calgary
A binding agreement that lets you pay only a portion of what you owe while keeping all assets. This federally regulated debt settlement process reduces debts by up to 70% over maximum 5 years.
Goth and Company has asset protection expertise allowing Calgary residents to keep homes, vehicles, and investments while settling debts for less than owed.
Personal Bankruptcy Services
A legal process that eliminates most unsecured debts when consumer proposals aren’t suitable. Bankruptcy helps through surrender of non-exempt assets according to federal laws.
Debt Consolidation Guidance
We help you explore debt consolidation loans and debt management plans first. Sometimes traditional consolidation works without needing formal solutions.
What is a Consumer Proposal?
Understand the basics of consumer proposals and how they work.
Consumer Proposals vs Bankruptcy
How are they different? How are they the same? More information here…
Consumer Proposals & Your Credit
Learn how to get out of debt and build up a strong credit history.
Debt Consolidation With A Proposal
How does a consumer proposal compare to other consolidation options?
Who Should Consider Consumer Proposals in Calgary?
Consumer proposals function optimally for individuals unable to afford to pay debts in full but have sufficient income to pay a portion over time. Key indicators you should explore consumer proposals:
- Cannot afford minimum payments on all debts simultaneously
- Have significant assets to protect (Calgary home, vehicles)
- Owe substantial tax debt to Canada Revenue Agency
- Want to avoid bankruptcy and its consequences
- Have steady income but overwhelming debt load
- Collection calls causing stress and affecting work
- Debt payments consuming a large portion of income
- Work in seasonal industries with variable income
Particularly effective for Calgary residents who need structured debt reduction without career interference.
When Is a Consumer Proposal Not Suitable
It is not suitable if you have no regular income, no assets to protect (bankruptcy faster), need immediate elimination (bankruptcy 9-21 months vs up to 5 years), or cannot commit to consistent payments.
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.
Debt Reduction Solutions for Most Unsecured Debts
Consumer proposals reduce most unsecured debt by up to 70%. Once filed, creditors must deal directly with your Licensed Insolvency Trustee.
Debts Reduced by Consumer Proposals:
- Credit Card Debt (all major banks and credit unions)
- Income Tax Debt (Canada Revenue Agency)
- Bank Loans and Lines of Credit
- Payday Loans and Student Loans (7+ years)
- Phone Bills and Utility Bills
- Personal Loans and Collection Accounts
Important Considerations
Secured debts like mortgages and car loans cannot be included but you maintain these through continued payments. Government fines, child support, and recent student loans are not extinguished.
Consumer proposals function optimally with stable income, desire to keep assets, and ability to commit to monthly payments over your chosen term. Success depends on realistic budgeting and commitment to completion.
While our acceptance rate reaches 99%, not everyone completes successfully, often due to changing circumstances like job loss or unrealistic initial budgeting. We create payment plans fitting your actual income and economic realities.
Get Your Free Consultation In Calgary
Goth and Company has been in business since 1993 and currently assists Calgary residents in overcoming debt through consumer proposals.
Goth and Company provides personalized consumer proposal services combining decades of expertise with compassionate guidance for your specific situation.
Learn how a consumer proposal could work for you!
Free Professional Advice
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Client Reviews
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Recent Posts About Consumer Proposals
We continually publish new content based on questions and feedback from our clients and visitors.
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 98% or better. This means a combination of acceptance by creditors votes by the initial vote 45 days from 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 Calgary.
What Is a Consumer Proposal and How Long Do You Pay?
A consumer proposal is a court-sanctioned debt settlement process that lets you negotiate with unsecured creditors while avoiding bankruptcy and keeping all assets.
How long do you have to make payments? You choose up to 5 years maximum, with most people choosing terms based on their budget and debt level. You typically offer creditors a reduced amount with immediate creditor protection and interest freezing.
Example: $35,000 debt with $200 monthly available could result in a proposal offering a portion of the total debt over several years with no interest. For $500/month we could address debts as high as $70k+ . How quickly do creditors stop calling? Collection calls stop immediately upon filing – often within 24 hours.
Who Qualifies and What Happens to Your Credit?
Requirements: owing under $250,000 unsecured debt, unable to pay debts in full, sufficient income for monthly payments, Canadian resident. Works well for Calgary professionals and seasonal workers.
What happens to your credit rating immediately? You’ll receive an R7 rating (better than R9 for bankruptcy). This notation stays for either 6 years from filing or 3 years from completing the consumer proposal, whichever is sooner, but many clients see scores improve during the proposal as debts are being addressed.
Will your employer find out? Generally no, unless are subject to a garnishment in which case we have to advise your employer to stop the garnishment. Documentation needed may include: pay stubs, tax returns, asset/debt lists, budget, bank statements.
What Debts Are Included and Can You Keep Your House?
Can you include all credit cards? Yes! Can you keep your house? Yes! Unlike bankruptcy, consumer proposals let you keep all assets including your Calgary home, vehicles, RRSPs, investments.
Included debts: credit cards, bank loans, lines of credit, payday loans, income tax debt (CRA), student loans (7+ years), utility bills, phone bills, personal loans. Excluded: secured debts (mortgages, car loans), court fines, fraud debts, child support, recent student loans.
What happens to tax refunds? CRA may setoff a portion of your unfiled or next tax refunds, but you will start to receive tax refunds the year after you file. Monthly payments vary based on your income, expenses, and total debt amount.
How to File – Next Steps
Process begins with free consultation reviewing your situation and reviewing options. We can typically meet within a reasonable timeframe. Steps: gather documentation, prepare proposal documents, file with creditors and government, begin 45-day voting period.
Your responsibilities: monthly payments, two counselling sessions, provide updates if requested, maintain trustee communication. Consultation to filing can be done in as little as one week or sometimes sooner in very urgent situations. Creditor protection begins immediately upon filing.
Risks, Job Loss, and Getting Out Early
Can you get out early if you get money? Yes! Pay off anytime without penalty, removing credit notation sooner. Many Calgary clients complete early using bonuses or raises.
What if you lose your job? Contact your trustee right away – we can arrange deferrals or amendments. What if you get a raise? Small increases don’t affect terms; significant increases might lead to creditor requests for higher payments.
Risks: automatic cancellation if missing three payments, or creditor rejection. Won’t work when you can’t afford any payments, debts mostly secured, need immediate elimination, or irregular income. Our proposals achieve a 99% acceptance rate with creditors.
Travel, Credit Rebuilding, and Life Changes
Can you travel? Yes, regular travel allowed without trustee permission. How do you rebuild credit? Start with secured or low-limit credit cards, make small purchases, pay monthly, keep balances under 30%.
Timeline: document preparation takes time, then filing, 45-day voting period, then payments over chosen term. Marriage doesn’t affect obligations; divorce can be complex with joint debts. Moving provinces possible with trustee transfer.
Benefits and What If You Can’t Make a Payment?
What if you can’t make a payment one month? Contact your trustee right away before missing payment. We can arrange temporary solutions or deferrals. Missing three payments cancels your proposal automatically.
Benefits: keep all assets, pay only a portion of what you owe, stop interest immediately, consolidate payments, immediate creditor protection, avoid bankruptcy. Advantages over bankruptcy: maintain assets, better credit impact (R7 vs R9), keep tax refunds.
Advantages over debt consolidation: debt reduction vs reorganization, legal protection, include tax debt, no good credit requirement, bind all creditors.