Industry Canada
2002
The purposes of the Bankruptcy and Insolvency Act’s consumer insolvency provisions are to help consumer credit markets operate efficiently and to make sure that consumers are treated fairly in insolvencies, whether as debtors or creditors. The great increase in consumer debt levels and bankruptcies in recent years has lent a degree of urgency to addressing outstanding consumer insolvency issues. This discussion paper focusses on ten problem areas: * the growth in consumer bankruptcies * streamlining summary-administration bankruptcies * federal exemptions in bankruptcy * exemption of Registered Retirement Savings Plans * reaffirmation agreements * enforcement of security on a bankrupt’s household property * mandatory counselling * consumer liens * wage assignments, and * student loans.
Some of the information on this Web page has been provided by external sources. The Government of Canada is not responsible for the accuracy, reliability or currency of the information supplied by external sources. Users wishing to rely upon this information should consult directly with the source of the information. Content provided by external sources is not subject to official languages, privacy and accessibility requirements.
Industry Canada C.D. Howe Building 235 Queen Street Ottawa, ON K1A 0H5
Source: Consumer Policy Research Database