Bennett on Consumer Bankruptcy

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Frank Bennett. Bennett on Consumer Bankruptcy

BENNETT ON CONSUMER BANKRUPTCY. A Practical Guide for Canadians

Preface

Chapter 1. What Is Bankruptcy?

1. Defining Bankruptcy

2. Read This Book First!

3. Learning about Bankruptcy before It Happens

3.1 Qualifying for bankruptcy

3.2 Alternatives to bankruptcy

4. Exempt Property

5. Protection Against Lawsuits

5.1 Wage assignments

5.2 Licences

6. Costs

7. Information You Will Need to Share at a Bankruptcy Interview with a Trustee or Lawyer

Chapter 2. Who Are the People Involved in a Bankruptcy?

Figure 1: Structure

1. The Trustee in Bankruptcy (the Administrator)

2. Different Types of Creditors

3. The Superintendent of Bankruptcy

4. The Official Receiver

5. The Bankruptcy Judge

6. The Registrar in Bankruptcy

7. The Inspectors

8. Others

Chapter 3. Time Sequence in the Bankruptcy Process

Figure 2: Time Sequence

1. Contact a Trustee

2. File an Assignment

3. Attend an Examination by the Official Receiver

4. Attend the First Meeting of Creditors

5. Apply to the Court for a Discharge

Figure 3: Bankruptcy Process

Chapter 4. What Is the Role of the Trustee?

1. Trustee’s Responsibilities

1.1 Counsels the consumer debtor and prepares the forms

1.2 Administers the Estate

1.3 Reports to the Creditors

1.4 Conducts Special Investigations

1.5 Reports to the Court on the Discharge

Chapter 5. What Are the Types of Creditors Involved in a Bankruptcy?

1. What Are the Different Types of Creditors?

1.1 Secured creditors

1.2 Preferred creditors

1.3 Unsecured creditors

1.4 Special Crown claims

2. When Is the First Meeting of Creditors?

3. What Happens at the First Meeting of Creditors?

Chapter 6. What Property Can the Consumer Debtor Keep?

1. Property the Trustee Is Entitled to Take

1.1 Property that the consumer debtor has at the time of filing

1.2 Property that the consumer bankrupt will acquire between the date of bankruptcy and the date of discharge

2. Property the Trustee Is Not Entitled to Take (Exemptions or Exclusions)

2.1 Property held by the bankrupt for another

2.2 Property that is exempt from execution under the laws of the province or territory within which the property is located or within which the bankrupt resides

3. Exempt Property

3.1 Federal law

3.2 Alberta

3.3 British Columbia

3.4 Manitoba

3.5 New Brunswick

3.6 Newfoundland and Labrador

3.7 Northwest Territories

3.8 Nova Scotia

3.9 Nunavut

3.10 Ontario

3.11 Prince Edward Island

3.12 Quebec

3.13 Saskatchewan

3.14 Yukon

4. Salary

5. Property Conveyed Away

Chapter 7. What Debts Survive Bankruptcy?

1. Claims That Survive Bankruptcy

1.1 Fines and penalties

1.2 Alimony, maintenance, and support

1.3 Claims based on fraud and misrepresentation

1.4 Claims based on student loans

1.5 Other claims that survive bankruptcy

Chapter 8. What Are the Bankrupt’s Duties?

1. Deliver Property

1.1 Make an inventory

1.2 Deliver books

1.3 Submit a Statement of Affairs

2. Assist and Co-operate with the Trustee

3. Disclose Property That Has Been Conveyed Away

3.1 Disclose property that has been gifted

4. Attend All Meetings of Creditors, Examinations, Counselling Sessions, and before the Official Receiver

4.1 Attend counselling sessions

5. Perform Other Duties

5.1 Aid in realization

5.2 Execute other documents

5.3 Examine proofs of claim and disclose false claims

5.4 Inform of any material change

5.5 Advise of change of address

Chapter 9. What Are the Alternatives to Bankruptcy?

1. Pay Something and Not Go Bankrupt

2. Seek Credit Counselling Assistance

3. Deal with Creditors: An Informal Proposal

4. Apply for the Orderly Payment of Debts

5. Make a Formal Proposal

Chapter 10. How Does the Debtor Make a Consumer Proposal?

1. Decide to Make a Consumer Proposal

2. Cause an Investigation

3. File the Documents

Chapter 11. Small-Business Proposal

1. Decide to Make a Small-Business Proposal

1.1 Types of proposals

2. Cause an Investigation

3. Vote

Chapter 12. Bankruptcy and Initial Documents: An Overview

1. Does the Consumer Debtor Need a Lawyer?

2. Trustees: Costs and Paperwork

3. What Documents Does the Consumer Debtor Have to Sign?

Sample 1: Assignment for General Benefit of Creditors

Sample 2: Statement of Affairs

Chapter 13. How Does the Bankrupt Live as an Undischarged Bankrupt?

1. Holding down a Job

2. Telling People about the Bankruptcy

3. Living between Bankruptcy and Discharge

Chapter 14. Discharge: How Does the Bankrupt Get Out of Bankruptcy?

1. Automatic Discharge for First-Time Bankrupts

2. Automatic Discharge for Second-Time Bankrupts

3. Making the Application

Sample 3: Affidavit of Income and Expenses

Sample 4: Section 170 Report

4. Prepare for the Hearing when There Are Oppositions

Sample 5: Notice of Opposition to Discharge

5. Attend at the Bankruptcy Court

Chapter 15. Common Questions

1. Who Prepares the Consumer Debtor’s Income Tax Returns? What Happens to a Refund?

2. Is Notice of the Consumer Debtor’s Bankruptcy Published in the Newspaper?

3. Can Creditors Continue to Call on the Consumer Debtor for Payment after Bankruptcy?

4. Will the Consumer Debtor’s Employer Find Out about the Bankruptcy?

5. Is the Consumer Debtor’s Credit Rating Affected?

6. What Happens to the Consumer Debtor’s Bank Accounts?

7. Where Can the Consumer Debtor Learn Better Budgeting Skills?

8. Can the Consumer Debtor Get a Loan after the Bankruptcy?

9. Are the Assets of the Consumer Debtor’s Spouse Affected?

10. Where Does the Consumer Debtor Find a Bankruptcy Lawyer and/or Trustee?

11. Does the Consumer Debtor Have Any Director’s Liabilities?

12. Can the Consumer Debtor Keep the Vehicle after Bankruptcy?

13. When Can the Consumer Debtor Get back His or Her Credit Cards?

14. How Are Student Debts Treated?

Glossary

Appendix 1 — Excerpts from the Bankrutpcy and Insolvency Act

1. Definitions from Section 2

2. Acts of Bankruptcy from Section 42

3. Application for a Bankruptcy Order from Section 43

4. Assignment from Section 49

5. Property of the Bankrupt from Section 67

6. Consumer Proposal: Division II, Sections 66.11 – 66.40

7. Attachment of Wages from Section 68

8. Duties of the Bankrupt from Sections 158 – 159

9. Examination of the Bankrupt from Section 163

10. Debts Not Released by Discharge from Section 178

11. Bankruptcy Offences from Sections 198 – 201

12. Support Creditors from Sections 136 and 178

Appendix 2 — Additional Reading and Contact Information

1. Additional Reading

2. Contact Information. 2.1 The Superintendent of Bankruptcy

2.2 The Offices of Official Receivers. Alberta

British Columbia and Yukon

Manitoba

New Brunswick, Newfoundland and Labrador, Nova Scotia, and Prince Edward Island

Northwest Territories and Nunavut

Ontario

Quebec

Saskatchewan

Appendix 3 — Superintendent’s Standards

Superintendent’s Standards 2013

The Download Kit

About the Author

Notice to Readers

Self-Counsel Press thanks you for purchasing this ebook

Contents

Отрывок из книги

I wrote a companion book for the small- and medium-sized business debtor called Bennett’s A–Z Guide to Bankruptcy: A Professional’s Handbook published by CCH Canadian Limited in Toronto. That book is similar to this one dealing with the same topics except from a business perspective. This book is devoted entirely to consumer and small-business debtors who want to take advantage of the favourable rules for consumers. It explains the bankruptcy process and alternatives available to the consumer debtor.

Canadian bankruptcy laws continue to change. For the first-time consumer debtor, bankruptcy is an easy solution to overwhelming debt problems. For individuals who wish to repeat bankruptcy proceedings, there are more restrictions, although not severe, when using the bankruptcy system.

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Last, but not least, debtors want to protect their credit rating. Once in bankruptcy, it may take years to re-establish credit to what it was formerly.

There are alternatives to bankruptcy and the consumer should carefully consider them before going bankrupt:

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