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BC Insolvency Lawyers and BC Bankruptcy Lawyers |
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BC Bankruptcy and Insolvency Lawyers are listed under the following cities:Richmond | Surrey | Vancouver
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The unanimous July 14, 2011 Supreme Court of Canada decision in Schreyer v. Schreyer (2011) SCC 35 is the latest case to show the even more difficult circumstances in which parties to a marital breakdown can find themselves when one of them becomes bankrupt. It also highlights the challenges which arise from the constitutional division of powers in Canada, and hence the differing outcomes which can arise from things such as where the parties reside at the time of their divorce. Exemptions, Exemptions, wherefore are Thow? (with apologies to Shakespeare) - An analysis of the November 17, 2010 BC Court Decision in which the decision throws doubt on how exemptions under the BC Court Order Enforsement Act have been handled heretofore. - by Kimberly S. Campbell, Barrister and Solicitor (December 20, 2010). More about Kimberly S. Campbell.
Katherine M. Wellburn has contributed the following articles: An Education in Debt - Student Loans and Bankruptcy - by Katherine M. Wellburn, of Dickson Murray (2007,
Annual Pan-Canadian Insolvency and Taking it all Away - Traps set for Debtors Trying to Dodge the Taxman - by Katherine M. Wellburn, of Dickson Murray (Insolvency and Restructuring Conference September 18-19, 2008) More about Katherine M. Wellburn
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It is now going to take longer to get out of bankruptcy and it will cost more. It is estimated that the harsher laws will affect 25% of the people who file bankruptcy.
If you are one of the persons affected you should seriously consider making a proposal.
- 9 month automatic discharge for 1st. time bankrupts who fulfill all their duties and who do not have excess income. e.g. less than $3,062.00 a month take home pay for a family of 3. (Note: 1)
- 21 months (or more at the court's discretion) for 1st. time bankrupts who fulfill all their duties. and who have excess income. e.g. more than $3,062.00 a month take home pay for a family of 3. (Note: 1)
-24 months for 2nd time bankrupts who do not have excess income.. e.g. less than $3,062.00 a month take home pay for a family of 3. (Note: 1)
-36 months for 2nd time bankrupts who have excess income. e.g. more than $3,062.00 a month take home pay for a family of 3. (Note: 1)
-Bankrupts with personal income tax debt of $200,000.00 or more representing 75 percent or more of total unsecured claims, are not eligible for an automatic discharge. They must go to court for an adjudication.
Note: 1 Surplus Income Standards for 2009/10
The government has imposed a stiff penalty if your non bankrupt spouse refuses to divulge his or her income to the trustee.
If your spouse works and is not going to file for bankruptcy, the trustee is obligated to base your monthly payments on family income including the income of the non-bankrupt spouse. The non-bankrupt spouse can refuse to divulge his or her income to the trustee, in which case the trustee will calculate the monthly payments excluding the non-bankruptcy spouse from the calculation but only allowing 50% of the applicable Superintendent’s standards corresponding to the number of person in the family unit, including the spouse who would not divulge his or her income.
If you wish to see how this affects the monthly payments you will be obliged to make, you can get a close approximation by using the Personal Bankruptcy Predictor at www.BankruptcyCanada.com
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For almost three decades, 
Our team of insolvency and restructuring lawyers advises businesses, lenders, shareholders, directors, receivers and trustees on all manner of debtor/creditor issues and assists clients through formal or informal insolvency proceedings or debt restructurings. We are highly experienced courtroom lawyers yet have the business acumen to craft and implement practical and cost-effective solutions outside the court process. Whether negotiating forbearance arrangements or workout plans, collecting indebtedness and realizing on security or guiding a debtor or creditor through a reorganization under the Companies Creditors? Arrangement Act or the Bankruptcy and Insolvency Act, we bring to bear many years of dedicated experience and a reputation for solid, timely and practical advice.
From 1993 to 2000, Katherine M. Wellburn was a Registrar of the Supreme Court of British Columbia and a Registrar in Bankruptcy.
After leaving the Court, she honed her skills in the Banking and Insolvency group at Campney & Murphy and then in the Commercial Litigation Group at Harper Grey LLP.
