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Full-Text Articles in Law
The Philosophy And Design Of Contemporary Consumer Bankruptcy Systems: A Canada-United States Comparison, Jacob S. Ziegel
The Philosophy And Design Of Contemporary Consumer Bankruptcy Systems: A Canada-United States Comparison, Jacob S. Ziegel
Osgoode Hall Law Journal
The rapid increase in the number of consumer bankruptcies in Canada and the United States over the past fifteen years has again focused attention on the philosophy and design of modern insolvency systems, and on the similarities and differences in the approaches adopted in Canada and the United States. In this article, the author points out that the single most important difference is that the United States has historically subscribed to the debtor's right to a "fresh start" after surrendering the debtor's non-exempt property, whereas Canadian law never has, and does not now, confer an absolute right of discharge. Although …
The Dark Side Of Student Loans: Debt Burden, Default, And Bankruptcy, Saul Schwartz
The Dark Side Of Student Loans: Debt Burden, Default, And Bankruptcy, Saul Schwartz
Osgoode Hall Law Journal
This article addresses three hypotheses: (1) only a minority of Canadian student loan borrowers experience severe difficulty in repaying their student loans; (2) those who default on their student loans do so largely because they cannot pay, rather than because they do not want to pay; and (3) for Canadians who are filing for bankruptcy and who have student loans among their debts, bankruptcy is a last resort, and their economic situation is more difficult than that of the average person seeking bankruptcy protection. A review of the literature strongly supports the first two hypotheses; a new analysis of a …
Options In Consumer Bankruptcy: An American Perspective, Jean Braucher
Options In Consumer Bankruptcy: An American Perspective, Jean Braucher
Osgoode Hall Law Journal
In both the United States and Canada, a rapid increase in personal bankruptcies has led to demands for stricter laws to force more repayment by consumer debtors. Canada has already taken this step, while the United States may soon do so in response to the counterfactual claim that the problem is debtors with means using bankruptcy as "a method of financial planning." The author suggests that the real problem in both countries, however, is an increase in the ranks of the over-indebted. Bankruptcy is a symptom, signalling to creditors the need to reform themselves. The author concludes that if creditors …
Philosophy And Design Of Modern Fresh Start Policies: The Evolution Of Canada's Legislative Policy, John D. Honsberger
Philosophy And Design Of Modern Fresh Start Policies: The Evolution Of Canada's Legislative Policy, John D. Honsberger
Osgoode Hall Law Journal
The fresh start concept-the restoration of a bankrupt to his or her former debt-free status-originated in the United States. While lip service is paid to it in Canada, the author's review of the English origins and subsequent evolution of Canadian bankruptcy legislation indicates that a strong commitment to the fresh start policy has never been the Canadian philosophy. Rehabilitation of the debtor is not a matter of great concern in Canada. Indeed, the Canadian legislative policy has always been restrictive of the rights of debtors. With the passage of amendments to the Bankruptcy and Insolvency Act (BIA) in 1992 and …
The Empirical Dimensions Of Consumer Bankruptcy: Results From A Survey Of Canadian Bankrupts, Saul Schwartz
The Empirical Dimensions Of Consumer Bankruptcy: Results From A Survey Of Canadian Bankrupts, Saul Schwartz
Osgoode Hall Law Journal
The number of consumer bankruptcies in Canada has risen substantially over the last twenty years. Using a 1997 survey of approximately 1,000 Canadian debtors, this article explores the economic situation of debtors seeking bankruptcy protection. This economic situation seems to be quite weak-most of the debtors have very low income, very high debts, and few assets. Moreover, the economic situation of the 1997 debtors seems quite similar to that of the 1977 debtors studied by Wayne Brighton and Justin Connidis almost twenty years ago. The aggregate amount of consumer credit, as a proportion of disposable income, has not risen dramatically, …
Insolvency Counselling--Innovation Based On The Fourteenth Century, Carol Ann Curnock
Insolvency Counselling--Innovation Based On The Fourteenth Century, Carol Ann Curnock
Osgoode Hall Law Journal
In the fourteenth century, poverty (previously viewed as a virtue) was redefined by both church and state as illegal and immoral. This view persists in Canada today. The 1992 amendments to the Bankruptcy and Insolvency Act (BIA) included a provision that makes two counselling sessions mandatory for all persons going through bankruptcy. The author reviews The BIA Insolvency Counsellor's Qualification Course that was developed in support of this amendment, and concludes that it is not up to the task. The mandatory counselling presumes a bankrupt person's irresponsibility, addiction, and need for referral to community service agencies. However, these presumptions are …
The Overseas Dimension: What Can Canada And The United States Learn From The United Kingdom, Michael Adler
The Overseas Dimension: What Can Canada And The United States Learn From The United Kingdom, Michael Adler
Osgoode Hall Law Journal
The United States and, to a slightly lesser extent, Canada have come to regard personal bankruptcy as a routine method of discharging debts, enabling the debtor to make a fresh start. By contrast, in the United Kingdom, bankruptcy is still seen as a remedy of last resort, and creditors may retain the right to enforce debts. The difference in approach is due to the fact that the United States and Canada have traditionally given priority to risk taking over security, while the United Kingdom has continued to give priority to security over risk taking. However, the British government's enthusiasm for …
Counselling Consumer Debtors Under Canada's Bankruptcy And Insolvency Act, Ruth E. Berry, Sue L. T. Mcgregor
Counselling Consumer Debtors Under Canada's Bankruptcy And Insolvency Act, Ruth E. Berry, Sue L. T. Mcgregor
Osgoode Hall Law Journal
If no attempts are made to determine the monetary and non-monetary reasons for bankruptcy or its recurrence, debtors may be more likely to choose bankruptcy, or remain in the cycle of bankruptcy. Credit counselling is one mechanism that can assist consumers in paying back debts without resorting to bankruptcy, thereby preventing repeat bankruptcies and heavy debt loads in the future. Canada passed a major milestone in 1992, becoming the first country to make financial counselling mandatory prior to the granting of an unconditional discharge from personal bankruptcy. This article describes the history of the policy analysis involved in making consumer …
Holding The High Ground: The Position Of Secured Creditors In Consumer Bankruptcies And Proposals, Tamara M. Buckwold
Holding The High Ground: The Position Of Secured Creditors In Consumer Bankruptcies And Proposals, Tamara M. Buckwold
Osgoode Hall Law Journal
This article examines the position of secured creditors in the event of a consumer debtor's bankruptcy or the filing of a consumer proposal, as determined by the federal and provincial laws of Canada. Secured creditors in Canada are in a remarkably powerful position relative to other claimants in bankruptcy and to their counterparts in the United States. Their rights of realization against the collateral are essentially unaffected by the initiation of either a consumer bankruptcy or proposal. Moreover, recent judicial developments appear to further enhance secured creditors' rights of enforcement, both against the in personam payment obligation and against the …