Published on December 3rd, 2009 | by Canadian Credit Expert0
Mixed Reactions to New Bankruptcy Laws
Bankruptcy Laws Change in Canada – Reactions are Mixed
September 2009 saw several changes to Canada’s bankruptcy laws. These “bankruptcy amendments” were first announced in August 2009 after being approved and passed by the Canadian Government.
When the topic is brought up, many Canadian bankruptcy trustees will offer you a mixture of positive and negative feedback. The temperature of the public varies even more. While many Canadian citizens have little to no understanding of bankruptcy law in Canada, those that do have strong opinions.
Some conservative Canadians may welcome the changes that make filing bankruptcy more difficult and “less rewarding” while others find the new laws restrictive and unfair.
While the pulse of bankruptcy professionals and Canadian citizens may beat at irregular intervals, there is at least one area where everyone agrees – timing.
During a Canadian recession where many businesses are laying off employees and citizens are having trouble finding work, most feel the new changes are poorly timed.
While its too soon to know the long term effects of these new bankruptcy rules, it is safe to say that more people will have longer bankruptcies and that the number of consumer proposals filed in Canada will rise considerably.