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Rusinek & Associates Inc., Trustee in Bankruptcy |
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On September 18, 2009, the remaining amendments contained in chapter 36 of the Statutes of Canada, 2007, and chapter 47 of the Statutes of Canada, 2005 (c.36 and c.47) will come into force. Most significantly, for those with financial means, the changes will impose a requirement to make payments for up to 21 months for a first bankruptcy (increased from 9 months) and 36 months for a second bankruptcy (increased from 15 months)! |
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Breaking News! - Significant Amendments to the Bankruptcy & Insolvency Act |
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Recent BIA Amendments |
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Date: 24/08/2009 |
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Time: 08:00 |
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Phone: 416-288-8048 Fax: 416-288-8429 Email: rusinek@bellnet.ca |
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RRSPs are now protected |
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Previously seizable RRSPs are now exempt from seizure in a bankruptcy, except for contributions made in the 12 months preceding the bankruptcy. |
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Other Notable Changes |
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Student loans dischargeable after 7 years |
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Student loans will now be discharged if the bankruptcy filing date is greater than seven years since the end-date of the program of studies. |
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Low-income debtors |
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First-time bankruptcies involving low-income debtors are eligible for automatic discharge after 9 months. Second-time bankruptcies are eligible for automatic discharge after 24 months. |
