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...]
New Insolvency Resource Available
It is sometimes said that there are “too many charities.” The logic that drives that observation does not seem to apply in the for-profit realm, where the increase of firms in a particular subsector is more likely to prompt comments about the importance of choice and the value of competition. The … [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, 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...]
