Consumer Proposal Services in Saskatoon
Reduce your debts by up to 70% while keeping all your assets
A consumer proposal enables you to pay a reduced portion of what you owe over up to 5 years, with payments based on what you can afford, you keep everything you own, and get immediate relief from collection calls. Hundreds of thousands of Canadians choose consumer proposals as their preferred
Trusted Consumer Proposal Services in Saskatoon Since 1993
Filing a consumer proposal in Saskatoon requires expertise you can rely on. Choosing the appropriate Licensed Insolvency Trustee makes all the difference, especially for residents of Saskatoon in agricultural, mining, or public sector employment.
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 and currently assist people throughout Saskatchewan through various economic cycles.
Goth and Company offers instant creditor relief through federally regulated consumer proposals, helping Saskatoon families keep their homes while reducing crushing debt loads.
Taking the First Step Toward Debt Freedom
Each month, numerous people across Saskatchewan begin debt relief through consumer proposals. The initial meeting is often described as a breath of fresh air.
Goth and Company has asset protection expertise allowing Saskatoon residents to keep homes, vehicles, and investments while resolving debts for substantially less than owed.
Consumer Proposal & Debt Relief Services in Saskatoon
Consumer proposals work as the preferred alternative to bankruptcy for individuals who have the ability 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 Saskatoon
A binding agreement that lets you pay just 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.
Personal Bankruptcy Services
A legal process that eliminates most unsecured debts when consumer proposals aren’t suitable in Saskatchewan. Bankruptcy helps through surrender of non-exempt assets according to Saskatchewan’s laws.
Debt Consolidation Guidance
We help you explore debt consolidation loans and debt management plans first. Sometimes traditional consolidation works without needing formal solutions.
How to File – Next Steps
Process begins with free consultation evaluating your situation and reviewing options. We can usually 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.
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 for Debt Settlement?
Consumer proposals work best for individuals unable to repay their complete debt load but possess adequate income to manage a portion over time. Top signs you should discuss consumer proposals:
- Cannot afford minimum payments on all debts simultaneously
- Have significant assets to protect (Saskatoon home, vehicles)
- Owe significant CRA tax obligations
- Want to avoid bankruptcy and its consequences
- Have steady income but overwhelming debt load
- Collection calls causing stress and affecting work
- Debt payments taking up most of your earnings
- Work in seasonal industries with variable income
Especially beneficial for people in Saskatoon in agriculture, mining, healthcare, and professional services requiring organized debt relief without career interference.
When Is a Consumer Proposal Not Suitable
A Consumer Proposal is not appropriate if you have no regular income, no assets to protect (bankruptcy is faster), need immediate elimination (bankruptcy 9-21 months vs up to 5 years), or cannot commit to consistent payments over time.
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.
Consumer Proposals Reduce Most Unsecured Debts in Saskatoon
Consumer proposals reduce most unsecured debt by up to 70%. After filing, creditors must communicate solely 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 Saskatoon
Since 1993, Goth and Company has been incorporated and currently serves thousands of Saskatchewan residents, helping them overcome debt through consumer proposals. Our Licensed Insolvency Trustees understand Saskatchewan’s unique challenges and the needs of Saskatoon-based families and professionals. We help throughout Saskatchewan with virtual meetings available for your convenience. We offer flexible scheduling and can begin the process promptly when appropriate for your situation.
Goth and Company offers free consultations because we believe every Saskatoon resident deserves to understand debt relief options without pressure. We’ll explain how consumer proposals work and help determine if it’s right for your situation by combining our decades of expertise with compassionate guidance for your specific situation.
Learn how a consumer proposal could work for you!
Free Professional Advice
Goth & Company are here to help. No cost. No obligation.
Client Reviews
See what our clients have to say about their experience with Goth & Company Ltd.
Blog Posts About Consumer Proposals
We periodically 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 Saskatoon.
What Is a Consumer Proposal and How Long Do You Pay?
A consumer proposal is a court-sanctioned debt settlement process that enables you to settle 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 payment periods according to 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. With $500 monthly payments we could handle debts up to $70,000 or more. 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 less than $250,000* unsecured debt, cannot repay debts completely, sufficient income for monthly payments, Canadian resident. Works well for Saskatoon 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 you’re facing wage garnishment in which case we have to advise your employer to halt the wage seizure. 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 permit you to retain all property including your Saskatoon 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 begin receiving tax refunds the year after you file. Monthly payments vary based on your income, expenses, and total debt amount.
Benefits and What If You Can’t Make a Payment?
What if you can’t make a payment one month? Contact your trustee immediately before missing payment. We can provide interim assistance or deferrals. Missing three payments automatically cancels your proposal.
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: preserve property, 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.
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 Saskatoon clients finish ahead of schedule with bonuses or raises.
What if you lose your job? Contact trustee immediately – we can arrange deferrals or amendments. What if you get a raise? Small increases don’t affect terms; significant increases could result in creditor demands for higher payments.
Risks: automatic cancellation if missing three payments, or creditor rejection. Not suitable 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 permitted without trustee permission. How do you rebuild credit? Begin with secured or small-limit credit cards, make small purchases, pay monthly, keep balances under 30%.
Timeline: document preparation takes time, followed by filing and 45-day creditor voting, then payments over chosen term. Marriage doesn’t affect obligations; divorce can be complex with joint debts. Moving provinces possible with trustee transfer.