Difference between revisions of "Assignments in Bankruptcy"
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== Client problems== | == Client problems== | ||
* Client is so far in debt that they feel they have to “go bankrupt”, but does not know anything about the process.
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* Client has several creditors trying to collect and feels that the debts owed are unmanageable.
| * Client has several creditors trying to collect and feels that the debts owed are unmanageable.
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* Client thinks they need to go bankrupt but has a number of questions for you, such as: How long will it take? What will I be left with? How much does it cost? Will I ever get credit afterwards? Are there any alternatives?
| * Client thinks they need to go bankrupt but has a number of questions for you, such as: How long will it take? What will I be left with? How much does it cost? Will I ever get credit afterwards? Are there any alternatives?
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* Client has heard about a law that allows the client to get rid of debts by paying off a part of each debt to each creditor.
| * Client has heard about a law that allows the client to get rid of debts by paying off a part of each debt to each creditor.
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== Summary of the law== | == Summary of the law== | ||
In Canada, bankruptcy is governed by the federal [http://canlii.ca/t/7vcz ''Bankruptcy and Insolvency Act'']. There are actually three debtor remedies under the Act: | In Canada, bankruptcy is governed by the federal [http://canlii.ca/t/7vcz ''Bankruptcy and Insolvency Act'']. There are actually three debtor remedies under the Act: | ||