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Accessing Insolvent Consumer Debtors, Challenges And Strategies For Empirical Research, Janis P. Sarra, Danielle Sarra
Accessing Insolvent Consumer Debtors, Challenges And Strategies For Empirical Research, Janis P. Sarra, Danielle Sarra
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Insolvency law policy is best informed by a comprehensive understanding of the policy objectives of particular measures and the practical outcomes of particular choices. Yet there continues to be a lack of empirical research in Canada in respect of consumer insolvency, its underlying causes and its outcomes. Debtors' or bankrupts' experience with the insolvency system is almost impossible to gauge with the data now collected. Research funding for legal, economic and sociological scholars in the insolvency area continues to be very limited. This paper examines current challenges and strategies for empirical research on consumer insolvency in Canada. It explores options …
Economic Rehabilitation: Understanding The Growth In Consumer Proposals Under Canadian Insolvency Legislation, Janis P. Sarra
Economic Rehabilitation: Understanding The Growth In Consumer Proposals Under Canadian Insolvency Legislation, Janis P. Sarra
All Faculty Publications
Economic rehabilitation is the notion underlying Canada’s Bankruptcy and Insolvency Act (BIA), providing consumer debtors with an opportunity for a “fresh start” through the mechanism of bankruptcy or making a proposal to their creditors for payment of their debts on terms that allow them to rehabilitate their financial status. This article undertakes a comparison of consumer proposals and consumer bankruptcies, examining 5,773 individual insolvencies in the past two years, with a view to discerning choices by individual insolvent debtors of insolvency proceeding. It compares causes of financial distress, income levels, quantum of debt and the assets of those filing proposals …