Consumer Proposal Services in Saskatchewan
Reduce your debts by up to 70% while keeping all your assets
Consumer proposals settle a portion of what you owe based on what you can afford. You retain everything you own, and receive immediate relief from collection calls. Goth and Company delivers federally regulated consumer proposal services in Saskatchewan as Licensed Insolvency Trustees.
Trusted Consumer Proposal Services in Saskatchewan Since 1993
Successfully filing a consumer proposal in Saskatchewan demands expertise you can rely on. Selecting the appropriate Licensed Insolvency Trustee proves crucial, especially for Saskatchewan residents in volatile industries like agriculture, oil and gas, or potash mining across communities including Saskatoon and rural areas.
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 in business since 1993 and currently serve Saskatchewan residents through multiple economic cycles including commodity price fluctuations.
Goth and Company provides instant creditor protection through federally regulated consumer proposals, helping Saskatchewan families keep their homes while eliminating overwhelming debt.
Debt Relief & Insolvency Services in Saskatchewan
Consumer proposals are the preferred alternative to bankruptcy for individuals who can manage to pay a portion of their debts. When should you consider alternatives? If you have no income or prefer faster debt elimination, other options might be more suitable. Goth and Company provides expert administration with a 99% acceptance rate for consumer proposals based on our office experience over decades of practice.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
Can you include student loans in consumer proposals? Only if completed studies more than 7 years ago. Recent student loans survive consumer proposals.
Note: 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.
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?
Consumer proposals work best for individuals who cannot afford to pay debts in full but have sufficient income to pay a portion over time. Top signs you should discuss consumer proposals in Saskatoon or across Saskatchewan:
- Cannot afford minimum payments on all debts simultaneously
- Have significant assets to protect (Saskatchewan home, vehicles, farm property)
- 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 Saskatchewan residents in agriculture, oil and gas, potash mining, construction, healthcare, and professional services who need structured debt reduction without career interference.
When Consumer Proposals Are Not Suitable
Consumer Proposals are not suitable if you have no regular income, no assets to protect, need immediate elimination (bankruptcy 9-21 months vs up to 5 years), or cannot commit to consistent payments over time.
Common mistakes people make with consumer proposals include unrealistic budgeting, not disclosing all debts, missing payments without communication, and not following through with counselling requirements.
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.
Important Considerations for Saskatchewan Residents
Consumer proposals function optimally with consistent 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, especially important for Saskatchewan’s seasonal employment patterns.
Although our acceptance rate achieves 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 Saskatchewan’s economic realities including commodity cycles and seasonal work patterns.
Consumer Proposal Services Across Saskatchewan
Goth and Company provides consumer proposal help for Saskatoon residents and throughout Saskatchewan. We serve residents in major Saskatchewan communities through our virtual office network and local partnerships.
Our Licensed Insolvency Trustees assist clients seeking debt settlement solutions throughout the province with the same expertise and federally regulated protection available across Canada no matter where you’re located. Our consumer proposal services adapt to local economic conditions and employment patterns affecting Saskatchewan residents. We understand each provinces’ unique industries including forestry, mining, technology, and tourism.
Goth and Company has asset protection expertise that lets Saskatchewan residents keep homes, vehicles, and investments while settling debts for significantly less than owed.
Book Your Free Saskatchewan Consultation
Goth and Company provides complimentary consultations because we believe every Saskatchewan resident deserves to understand debt relief options available without pressure. We’ll explain how consumer proposals work and help determine if it’s right for your situation.
Contact us today to arrange your consultation. We have virtual meetings available for Saskatchewan residents and can begin the process promptly when appropriate for your situation. We understand the unique financial pressures facing Saskatchewan families and businesses, with debt management expertise tailored to the province’s economic landscape.
Learn how a consumer proposal could work for you!
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Recent Posts About Consumer Proposals
We 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 Saskatchewan.
What Is a Consumer Proposal and How Long Do You Pay?
A consumer proposal represents a court-approved debt settlement procedure that lets you negotiate with unsecured creditors while avoiding bankruptcy and keeping all assets.
What is the payment duration? You choose up to 5 years maximum, with most people choosing terms based on their budget and debt level. You generally propose creditors a diminished 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.
What Debts Are Included and Can You Keep Your House?
Are all credit cards includable? Absolutely! Can you keep your house? Yes! Unlike bankruptcy, consumer proposals let you keep all assets including your Saskatchewan home, vehicles, RRSPs, investments, and farm property.
Covered debts include: 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.
How are tax refunds affected? 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.
Risks, Job Loss, and Getting Out Early
Is early completion possible with additional funds? Yes! Pay off anytime without penalty, removing credit notation sooner. Many Saskatchewan clients complete early using bonuses, crop sale proceeds, or resource industry bonuses.
What happens during job loss? Contact trustee immediately – 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 include: automatic termination after missing three payments, or creditor rejection. Not suitable when you can’t afford any payments, debts mostly secured, need immediate elimination, or irregular income without seasonal planning. Our proposals achieve a 99% acceptance rate with creditors.
How to File – Next Steps
The procedure commences with complimentary consultation assessing 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.
Who Qualifies and What Happens to Your Credit?
Eligibility criteria: owing under $250,000 unsecured debt, unable to pay debts in full, sufficient income for monthly payments, Canadian resident. Works well for Saskatchewan professionals and seasonal workers including farmers and mining employees.
How does your credit rating change instantly? You’ll receive an R7 rating (better than R9 for bankruptcy). This notation remains 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.
Does your employer get notified? Generally no, unless you 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.
Benefits and What If You Can’t Make a Payment?
What occurs if you miss a monthly payment? Contact your trustee immediately before missing payment. We can arrange temporary solutions or deferrals, especially important for Saskatchewan’s seasonal industries. Missing three payments automatically cancels your proposal.
Advantages include: retain all assets, pay only a fraction 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.
Travel, Credit Rebuilding, and Life Changes
Is travel allowed? Yes, routine travel remains permitted 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.
