Today’s Tip: Understand the New Bankruptcy Rules in Canada
On September 18, 2009 new bankruptcy rules were implemented in Canada. This week we will devote our tips to the new rules. If you are in financial trouble and are considering bankruptcy, it is imperative that you understand the new rules.
I am a bankruptcy trustee in Ontario, and I often meet with people who tell me that “my friend went bankrupt last year, so I understand how the process works.” That’s great, I like informed consumers, but it’s important to realize that the rules that your friend had to follow last year may be different than the rules in place for you now, so understanding the new rules is critical.
For the rest of the week I will review the most important new rules. If you want a quick summary of the rules, you can read this article on the new bankruptcy rules in Canada.
