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New Bankruptcy Law in Canada
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New legislation amending the Bankruptcy & Insolvency Act was passed by Parliament and received Royal Assent on December 14, 2007. The new student loan rule (reducing the discharge period to 7 years) and the RRSP exemption rule came into force on July 7, 2008. The remainder of the new rules come into force on September 18, 2009.
We are currently analyzing the new bankruptcy rules, and we will post more information as it becomes available.
The new law has changed the bankruptcy rules in regarding the following:
- Consumer proposal debt limit has been increased
- RRSP are now exempt from seizure in most cases
- Secured loans and leases cannot be terminated due to bankruptcy
- Bankruptcies involving surplus income will last longer
- Large tax debts may cause a longer bankruptcy
- Student loans will be discharged after seven years
Read our blog posts on bankruptcy reform for more information.
Please contact a trustee near you today to review your situation, and determine how the new rules will affect you.