A Helping Hand

Find a Canadian Bankruptcy / Insolvency Lawyer

Canadian Bankruptcy Law.

One of the main purposes of Canadian bankruptcy law is to provide a fresh financial start for people being crushed by debt that they cannot repay.

In the simplest and most common cases a person can have his or her debt erased, keep all assets and be out of bankruptcy in 9 months. The minimum cost is $1,800.00 which can be paid at the rate of $200.00 a month.

Bankruptcy is often portrayed negatively. However, there are many positive aspects to personal bankruptcy such as:

  • It gives the debtor the chance to start over with all (or most) of his debt erased.
  • It is good for society as it offers the opportunity for the debtor to be rehabilitated into society and remain a good tax paying citizen rather than go into the underground economy.
  • It offers hope and redemption to the families of debtors to become free of stress and strain that often resides with families who are under the severe pressure of debt.

 

Canadian Bankruptcy Law - Major Topics.

Frequently asked Questions;

Assets that can be retained by the debtor and
not seized in a bankruptcy or a proposal
;

Debts that can be erased.;

Canadian Bankruptcy Law - Bankruptcy Calculators:

Cost and how long in bankruptcy.

Four options to repay your debt.

Business bankruptcy predictor.

Canadian Bankruptcy Law - Locate a trustee in your area.

Locate a trustee in bankruptcy (Trustees in all provinces and territories).

 

Canadian Bankruptcy Law - Consumer Proposals

A debtor can file a proposal to his creditors thus avoiding bankruptcy. Proposals allow only a portion of the debt to be repaid. Proposals are almost always accepted by creditors.

Here is how consumer proposals work:

How consumer proposals work.

 

Canadian Bankruptcy Law - Commercial Proposals; saving a company from bankruptcy.

More businesses "go under" or fail than is necessary! Very often a business can be "saved" if caught in time. Even if a company is insolvent it may be possible to save the company by using a provision under the Bankruptcy and Insolvency Act to file a Proposal, (an arrangement) with the creditors of the company.

The way a Proposal works is that a company, through a Trustee in Bankruptcy, files the Proposal ("offer"), to the company's creditors asking them to accept less than the monies they are owed in order that the company might survive.

The trustee works with the owners of the company in drafting a Proposal that presents a "win - win" situation for both the company and the creditors. Typically, the creditors are asked to give up rights to the monies they are owed in exchange for an offer by the company to pay so many cents on the dollar (say, 25 or 50 or 75 cents) over time. Sometimes the company pays back 100% of what it owes but it is granted a period of time, say 6 months or a year, in which it makes no payments.

In a successful Proposal the company wins because it survives. The creditors win because they retain a customer and also because they get some of their money whereas in a bankruptcy they probably would get nothing.

As was the case, above, with consumer insolvency there are two types of professional a debtor can get help and advice from; an insolvency lawyer and a trustee in bankruptcy. Every debtor who's business goes into bankruptcy, receivership, or files a proposal must deal with a trustee in bankruptcy as only trustees are licenced by the federal government to administer bankruptcies and proposals.

A debtor should seek advice from an insolvency lawyer if he has complicated issues or if a considerable amount of money is involved. Trustees are trained to recognize complicated issues that debtors have and often refer debtors to an insolvency lawyer.

 

 

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