Insolvency Lawyer in other parts of Canada.

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Richmond Bankruptcy Lawyers. Richmond Insolvency Lawyers:

 

Kimberly S. Campbell, 604-682-4999
186 - 8120 No. 2 Road, Suite 814 Suite 700, Richmond, BC, V7C 5J8   Email  Mobile Site

 

For almost three decades, Kimberly S. Campbell has been serving Trustees in Bankruptcy, Receivers and Receiver-Managers, Monitors, debtors, creditors, and others in relation to all manner of personal and corporate insolvencies, receiverships, and proceedings under the Companies Creditors Arrangement Act.

He would be more than pleased to assist you.

 

You may read his paper about BC bankruptcy exemptions re: the Thow decision of November 17, 2010 on this site.

You may read his paper about the July 14, 2011 Supreme Court of Canada decision in Schreyer v. Schreyer.

 

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It was the worst of times.  And then it got worse. Divorce and bankruptcy:  when two negatives cannot make a positive. 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.

 

 

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The final new laws on Canadian Bankruptcy Reform went into effect on September 18, 2009.

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.

Here are the rules:

- 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

What if your non-bankruptcy spouse refuses to divulge his or her income to the trustee?

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