Tag: Canadian Bankruptcy Reforms

  • Key Canadian Consumer Bankruptcy Reforms

    Posted by

    Stephanie Ben-Ishai

    Today’s post is a summary of the key Canadian consumer bankruptcy reforms.  The most significant aspects of the consumer reforms touch on the following nine
    issues:

    1.    Automatic Discharge
    2.    Creditors’ Participation and Pay Out
    3.    Bankrupts with High Income Tax Debt
    4.    Bankrupts with Student Loans
    5.    Treatment of RRSPs and RRIFs (tax sheltered retirement savings accounts)
    6.    Tax Refunds
    7.    Consumer Proposals
    8.    Ipso Facto Clauses
    9.    Trustee Fees

    Below is more detail on each of these reforms.  I also have a short annotated book out on the reforms if you are interested in reading about them in more detail:

    Stephanie Ben-Ishai, Bankruptcy Reforms 2008 (Toronto: Carswell, 2008): http://www.carswell.com/description.asp?DocID=5574

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