Provincial bankruptcy laws. Next to the BIA, some provinces have their own bankruptcy laws that fall in line with the federal legislation. For example, Ontario has a few statutes that it follows for Ontarian debtors. Those statutes are: The Canadian Bankruptcy and Insolvency Act (BIA); Ontario Execution Act: the act addresses bankruptcy. Oct 01, · The federal statutes primarily governing insolvency proceedings are: The Bankruptcy and Insolvency Act (BIA), which sets out Canada's bankruptcy regime and is the statute used to liquidate a business. It also provides a proposal regime to allow debtors to . Bankruptcy law has bankruptcy protection rules that are included in the Bankruptcy and Insolvency Act, which is a federal law. Your protection can be impacted by your provincial laws, as the province sets the assets that you can keep when filing for bankruptcy, although bankruptcy is a federal law.
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If there is ever a dispute between the federal and provincial laws, the federal laws in the BIA will take precedence. Where can I get more information about the Bankruptcy and Insolvency Act or other bankruptcy laws? For more information about the BIA, click on the links below. If you need more information about other bankruptcy laws , you can visit our Bankruptcy Law page. You can also contact us with any questions you might have. What is in the Bankruptcy and Insolvency Act?
Consumer Proposal vs. Any shortfall can be dealt with in the bankruptcy. Some assets are not taken from you in bankruptcy. The goal of bankruptcy is to give you a fresh start — not to punish or humiliate you.
You will typically retain personal items and furnishings. The list of exemptions is set by each provincial or territorial government. The length of your bankruptcy will be nine months, unless one of the following is true:.
How much longer your bankruptcy period will be depends on the details of your case. Twenty-one month is typical when the bankrupt individual makes a good salary has surplus income. On top of the trustee fee and your loss of assets, a bankruptcy may cost you some of your income, depending on how much you earn and the size of your household. The formula is prescribed by law. The more you earn, the more you can afford to repay to your creditors.
If you want to learn more about how filing for a bankruptcy would affect you, and whether there are other alternatives that are available to you, booking a free personal consultation with a local Licensed Insolvency Trustee is an easy next step.
The Trustee will discuss your personal situation with you, answer your questions, and advise you on whether a bankruptcy is the right solution in your case, or if a different insolvency solution — an alternative to bankruptcy — might be more suitable for you. The consultation is confidential, and also risk-free — as you have no obligation to continue to work with the same Trustee in the future, nor can the Trustee make any decisions on your behalf.
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