Data on consumer insolvency and bankruptcy, as well as laws on personal property exemptions, show great variances between regions, provinces and territories. This article references Statistics Canada’s most recent Annual Consumer Insolvency Rates by Province and Economic Region – 2010-2019 (Per … [Read more...]
Dealing with US Debts in a Canadian Bankruptcy
Given the many Canadians who have business, assets, work or winter in the United States (“US”), it is not uncommon for someone in Canada to owe money to a US lender. If you went to school in the US, you may even have US student debt. How US debts are treated in a bankruptcy if you cannot repay those … [Read more...]
Bankruptcy Increases Among the Young and Old
A recent bankruptcy study by my firm found that the average person who files for bankruptcy in Canada is 44 years old. He is likely to be married, may have a mortgage, and owes almost $53,000 in unsecured debt. In fact, the clear majority of insolvent debtors, 77%, are between the ages of 30 and … [Read more...]
Bankruptcy Increases Among the Young and Old
A recent bankruptcy study by my firm found that the average person who files for bankruptcy in Canada is 44 years old. He is likely to be married, may have a mortgage, and owes almost $53,000 in unsecured debt. In fact, the clear majority of insolvent debtors, 77%, are between the ages of 30 and … [Read more...]
Student Loans Under the Bankruptcy & Insolvency Act
The Bankruptcy & Insolvency Act of Canada (the Act or BIA) eliminates most unsecured debts like credit card debt, bank loans, lines of credit and payday loans. There are, however, certain debts that are excluded under the Act. Student debts are often confusing because some debts can be … [Read more...]
Bankruptcy, Insolvency and Receivership
Canadian commercial insolvency law is not codified in one exhaustive statute. Instead, Parliament has enacted multiple insolvency statutes, the main one being the Bankruptcy and Insolvency Act. The BIA offers a self-contained legal regime providing for both reorganization and liquidation. It is … [Read more...]
Divorce and Bankruptcy Law in Canada
Almost one in five insolvencies in Canada (a bankruptcy or consumer proposal) involves someone who has experienced a marital or relationship breakdown. Often the financial problems occurred long before the divorce. Financial pressures often increase after divorce as two households are now trying to … [Read more...]
What Types of Proceedings Can You File Under the Bankruptcy & Insolvency Act?
The Bankruptcy & Insolvency Act regulates insolvency law in Canada. This legislation governs both business proceedings and personal procedures. In terms of personal insolvency, individuals have three basic legal measures available to them to obtain relief from creditors. The primary types of … [Read more...]
Superintendent of Bankruptcy Changes Designation to Licensed Insolvency Trustee
Individuals able to provide debt relief services under the Bankruptcy & Insolvency Act (BIA) in Canada are licensed by the federal government through the Office of the Superintendent of Bankruptcy (OSB). In December of 2015, the OSB announced a significant change in the designation of these … [Read more...]
How Debt Can Impact Your Ability To Sponsor An Immigrant To Canada
With the well-documented problems occurring now in many areas of the world, an increasing number of Canadians are considering sponsoring a relative or other person to immigrate to Canada. But is it possible to be a sponsor if you have debt? The answer is yes, but there are limitations. First, … [Read more...]