The federal government established The Bankruptcy and Insolvency Act (BIA) to help unfortunate, honest citizens with their financial trouble. Sometimes referred to as the “bankruptcy act,” it was created to protect the rights of you and your creditors, and informs trustees and the court of their responsibilities, powers, and duties.
The bankruptcy act details how different financial options work legally, and defines the roles that the Superintendent of Bankruptcy, the representatives of the Superintendent of Bankruptcy (official receivers), the court, trustees, creditors, and you, the consumer, have. The BIA is organized into 14 parts:
| Part | Title | What it deals with |
| 1 | Administrative Officials | Responsibilities of the Superintendent of Bankruptcy (SB), the official receivers (representatives of the SB), and the trustees |
| 2 | Bankruptcy Orders and Assignments | Acts of bankruptcy and how to apply for bankruptcy |
| 3 | Proposals | Proposals to your creditors, including consumer proposals; discusses what they are and the roles of the trustee and you, the consumer |
| 4 | Property of the Bankrupt | How your property is dealt with |
| 5 | Administration of Estates | How your estate(assets, property, money) will be handled by creditors and trustees |
| 6 | Bankrupts | Your rights, responsibilities, and duties, and how the law will help you |
| 7 | Courts and Procedures | The court’s duties, roles, and authority |
| 8 | Offences | The consequences of not following the laws and procedures of the BIA |
| 9 | Miscellaneous Provisions | Items that do not fit in any other category, like the rights of banks |
| 10 | Orderly Payment of Debts | Discussion of an alternative to bankruptcy – an Orderly Payment of Debt |
| 11 | Secured Creditors and Receivers | How property is handled with secured creditors |
| 12 | Security Firm Bankruptcies | How to deal with security firms in bankruptcies |
| 13 | International Insolvencies | How to deal with the international filing of bankruptcies |
| 14 | General Rules | How to handle different aspects of the bankruptcy process |
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