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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Bill C-55 Bankruptcy reform etc

How will this pending bill/legislation affect someone who is already in 1st time bankruptcy’s final stages (1 month remaining) and discharge date Nov 15th? I am just barely over the surplus income guidelines, and have completed all duties required.

Will this bill be retroactive, or will it have an effective date, ie. for bankrupts declaring on or before specified date and after a specified date etc.

How likely wil it be that I could have bankruptcy period extended to 21 months etc?

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One Response to “Bill C-55 Bankruptcy reform etc”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

The presence of this proposed bill will not have a direct impact on your existing bankruptcy. Just as you suggest there will be an effective date that will determine when the changes will be imposed and there will be no retroactive application unless there is a significant adjustment to the way the bill currently reads.