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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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10 to 7 year rule?

When will the 7 year bankruptcy law be `enacted`. I have no other option and cannot take the stress or phone calls while I wait. I have been out of school for 7 1/2 yrs. I cannot take the stress of my parents taking phone calls from creditors when my parents have nothing to do with my debt. I want to straighten out my life and financial situation. I currently earn a lot less than I was expecting. I monitor this online and I am well read when it comes to this legislation. A previous trustee consultation told me that if I had been successful in hiding out until the legislation passes thats what I should do. I don`t know how much longer I can wait.

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One Response to “10 to 7 year rule?”

Barton Goth GCO Bankruptcy Trustees said...

As of today the new rules have not yet been proclaimed into force.

However, Bill C-12 has been passed by Parliament and been given Royal assent.Now it only requires proclamation by the Governor-in-council to come into force.

Unfortunately the trustee comunity as of yet has been given no indication of the estimated time frames for implementation and really have no clear idea when this will be. Practically speaking it is normal for there to be roughly a year delay before legislation like this comes into force to allow all the stakeholders suffient time to become familiar with the legislation and adjust all the internal systems that will need to be adjusted. Although, with this minority government and the desife to get the WEPP adopted this could easily change.

If you want to continue to monitor the most recent developments you can bookmark the following site (student bankruptcy) as it will be updated immediately as to the progress of this legislation.