Bankruptcy Kitchener Blog by Scott Schaefer

Bankruptcy Reform – legislation referred to as Chapter 47 was passed in 2005, but was never fully implemented. In August 2008, there were parts of the law implemented with respects to student loans and RRSP – see details here but last week, it was announced that on September 18, 2009, the remaining changes will be put into force.

What does this mean to people from Kitchener-Waterloo, Ontario? Like any change, there are pros and cons. Overall, personal bankruptcies will cost an individual more money and time than they did under the current law. On the other hand, the government made the option of a consumer proposal more available.

Given the state of the economy right now, Kitchener residents are facing hard times and these reforms are going to affect each person differently. People now have a month’s time to consider their options under different laws. One could file now and use the current laws, or wait till the new laws are in place. Either way, I feel it is important for individuals facing difficult times to talk to a professional, understand their options, and make a plan for the future.

For more details of the changes, click here for an article posted on hoyes.com.

Our professionals along with myself in the Kitchener office can sit down and review the situation and discuss the laws in detail. We are located at 204-607 King Street West, Kitchener, Ontario. The office is on the second floor of the plaza by Zekes restaurant. Send us an e-mail or call us at 310-PLAN.

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