Consumer Insolvency Issues: A Discussion Paper

Organization

Industry Canada

Published

2002

Summary

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.

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Contact information

Address
Industry Canada
C.D. Howe Building
235 Queen Street
Ottawa, ON  K1A 0H5
Telephone
(613) 954-5031
Fax
(613) 954-2340

Source: Consumer Policy Research Database

Date Modified: