Bankruptcy Law in Canada
Post on 12-Apr-2017
What Is The Bankruptcy Law in Canada?
Table of ContentsPage 3: Bankruptcy Law in CanadaPage 5: Federal Insolvency LawPage 6 - 19: Provincial Bankruptcy LawsPage 20: Do I Need a Bankruptcy Lawyer?Page 21: Get More Information From a Licensed Insolvency (Bankruptcy)Trustee
Bankruptcy Law in CanadaBankruptcy law, or insolvency law, is a federal law that is governed by theBankruptcy and Insolvency Act (BIA)and overseen by a government licensed bankruptcy trustee.Canadian insolvency law provides forsummary bankruptcy (personal bankruptcy),business bankruptcyandconsumer proposals, which is an offer to your creditors to repay a portion of what you owe, to extend the time you have to repay your debt, or a combination of both of these that is conducted under the BIA and administrated by alicensed insolvency trustee(known as a consumer proposal administrator in this case).
Bankruptcy Law in CanadaIndividuals and businesses that are facing financial problems can take advantage of many bankruptcy laws to get a fresh start.Bankruptcy is a federal law, although there are some parts of the law that are put in place by your province or territory.For example, thebankruptcy exemptions the assets that you are allowed to keep when going bankrupt are set by each province.Bankruptcy laws in Canada were written to give you and your creditors protection and to ensure that your creditors are treated fairly and your rights are respected.
Federal Insolvency LawThe Bankruptcy and Insolvency Act is the legislation that governs all federal bankruptcy laws. The BIA (Bankruptcy and Insolvency Act) governs all bankruptcies in Canada, and was enacted by the Canadian government to provide honest but unfortunate debtors solve their money problems and get a fresh financial start.Federal law also provides the CCAA (Companies Creditors Arrangement Act) which preserves the rights of creditors of certain businesses and corporations.
Provincial Bankruptcy LawsAlthough insolvency law in Canada is a federal law, some provinces have their own laws in addition to the federal bankruptcy laws.In addition, each province sets its own exemptions on assets that are seized in a bankruptcy.
Alberta Bankruptcy LawsAlberta includes aCivil Enforcement Actand we provide more information aboutAlberta bankruptcy law.Alberta provides an Orderly Payment of Debts Program.
British Columbia Bankruptcy LawBC provides aCourt Order Enforcement Actand we provide more information aboutBC bankruptcy law.
Bankruptcy Law in ManitobaManitoba law includes anExecutions Actand aJudgements Actand we provide more information onManitoba bankruptcy law.
New Brunswick Bankruptcy LawsIn New Brunswick there is anMemorials and Executions Actand Bankruptcy Canada provides more information onNB bankruptcy law.
Bankruptcy Law in Newfoundland and LabradorNewfoundland and Labrador insolvency law provides aJudgement Enforcement Actand we have provided moreNewfoundland and Labrador insolvency law information.
Bankruptcy Law in Nova ScotiaRead Nova Scotias theJudicature Actand visit our page onNova Scotia bankruptcy lawto learn more.Nova Scotia provides an Orderly Payment of Debts Program.
Ontario Bankruptcy LawsOntariosExecutions Actprovides information on Ontario bankruptcy and we have listed more information on ourbankruptcy law in Ontario page.
PEI Bankruptcy LawsInformation on Prince Edward Island bankruptcy law is provided in theJudgement and Execution Act.Prince Edward Island provides an Orderly Payment of Debts Program.
Bankruptcy Law in QuebecQuebec provides more information on bankruptcy laws in theCode of Civil Procedure, or you can visit ourQuebec insolvency law page.
Bankruptcy Law in SaskatchewanSaskatchewan has anExemptions Actand aFarm Security Actand we provide more information on ourSaskatchewan bankruptcy lawpage.SK provides an Orderly Payment of Debts Program.
Northwest Territories Bankruptcy LawsNWT has anExemptions Actand we give you more information onNorthwest Territoriesbankruptcy law.
Yukon Bankruptcy LawYukon has anExemptions Actthat provides more information and we have listed information onYukon bankruptcy lawon our page.
Nunavut Bankruptcy LawRead Nunavuts Exemptions Act for more information, or visit our page aboutNunavut insolvency law.
Do I Need a Bankruptcy Lawyer?No. While in the United States you need a lawyer to file bankruptcy, in Canada you can only go bankrupt or make a consumer proposal with a bankruptcy trustee, as only a Trustee in Bankruptcy is licensed to administer to insolvency; a practicing lawyer cannot file a bankruptcy or consumer proposal for you.A bankruptcy lawyer in Canada is needed if you need help securing a bankruptcy discharge, among other services.
Get More Information From a Licensed Insolvency (Bankruptcy) TrusteeThe insolvency laws can be complex depending on your personal situation so it is important you contact a licensed bankruptcy trustee to speak over your financial troubles.Call1-877-879-4770toll free.If you still have questions you canask our licensed insolvency trusteeyour questions in confidence. Our bankruptcy blog also covers many topics on bankruptcy in Canada.