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57 Osgoode Hall L. J. 637 (2020)
Consumer Bankruptcy in the Wake of COVID-19: The Calm before the Storm

handle is hein.journals/ohlj57 and id is 674 raw text is: 637 Consumer Bankruptcy in the Wake of COVID-19: The Calm Before the Storm STEPHANIE BEN-ISHAI* The crisis created by the spread of COVID-19 seems likely to permanently change the structure of economic activity moving forward-more people are working from home, taking fewer business trips, and gravitating towards online spending. In the short-term, Canada has done well to provide temporary economic support to those temporarily or permanently affected by the virus. This unprecedented level of government support, together with the unparalleled level of voluntary creditor forbearance for late payments, has led to a remarkable drop in consumer bankruptcy filings in April and May 2020. However, a significant surge in the need for debt relief and bankruptcy filings is predicted for the near future. This article concerns the effect of COVID-19 on the household debt carried by Canadian families and on the debt relief measures that are available to them. How, if at all, will the socio-economic composition of those with serious debt problems change?Are the debt relief measures currently available through the Bankruptcy and InsolvencyAct adequate to the task? What changes to the system of credit regulation might help those affected by the virus? Distinguished Research Professor and Professor of Law, Osgoode Hall Law School. The research assistance provided by Mandy Bedford and Nolan Abboud is gratefully acknowledged. Funding supporting ongoing research that this article draws from is supported by the Law Foundation of Ontario and the Social Sciences and Humanities Research Council. However, the author is solely responsible for all content in this article which is current to July 2020.

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