New laws were brought into effect this week regarding filing personal bankruptcy. The changes that have been introduced this week include the following main points.
- * Student Loans - A student loan debt can now be discharged in a bankruptcy if 7 years has passed since you ceased to be a student.
- * RRSPs - Under new legislation, all RRSPs and RRIFs (as defined in the income tax act) will be exempt from seizure in a bankruptcy. The only exemption to this, is, contributions you've made to your RRSP's in the 12 months leading up to the filing of the bankruptcy can still be seized.
If you have any questions, or would like to arrange for a free, no obligation consultation in our Cambridge office, please call me on 519-622-3773 or email me your question.
posted by Howard @ 3:16 PM
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