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Published on YouTube: CAN AN ONTARIO LAWYER PRACTICE LAW WHILE BANKRUPT? (LSO RULES EXPLAINED)

CAN AN ONTARIO LAWYER PRACTICE LAW WHILE BANKRUPT? (LSO RULES EXPLAINED)
THIS BRANDON’S BLOG DROPS ON MONDAY, APRIL 6, 2026 AT 12:00 NOON CAN AN ONTARIO LAWYER PRACTICE LAW WHILE BANKRUPT? (LSO RULES EXPLAINED) Can an Ontario lawyer continue to practice law while bankrupt? It is the #1 question we hear from legal professionals in financial distress. In this video, Brandon Smith, Licensed Insolvency Trustee and Senior Vice-President of Ira Smith Trustee & Receiver Inc., breaks down the strict Law Society of Ontario (LSO) rules regarding bankruptcy and insolvency. If you are a lawyer or paralegal in Ontario, filing for bankruptcy triggers immediate consequences under By-Law 8 and By-Law 9. We discuss: ✅ Why you MUST notify the Law Society immediately. ✅ The "Practice Restricted" status on the LSO directory. ✅ Why you lose signing authority on trust accounts. ✅ The impact on your LawPRO insurance and real estate practice. ✅ How a Consumer Proposal or Division I Proposal can save your career while settling your debt. Financial trouble can happen to anyone—including the most successful professionals. At Ira Smith Trustee & Receiver Inc., we specialize in "Starting Over, Starting Now." We help Ontario professionals navigate the Bankruptcy and Insolvency Act (BIA) without losing their livelihood. VIDEO CHAPTERS: 00:00 Introduction: Can an Ontario Lawyer Practise While Bankrupt? 00:57 Meet the Experts: Ira and Brandon Smith (LIT) 01:39 The Reality of Financial Distress for Legal Professionals 02:37 Debunking the Myths: Is Your Legal Career Over? 03:03 Why the LSO Takes Financial Instability Seriously 03:40 Your Mandatory Duty to Report to the Law Society 04:17 LSO Bylaw 9: Trust Account Restrictions During Bankruptcy 04:47 Impacts: Sole Practitioners vs. Law Firms 05:15 Strategic Alternatives: Consumer and Division I Proposals 05:45 Why a Proposal is a "Game Changer" for Lawyers 06:26 The Path Forward: Working with a Licensed Insolvency Trustee 07:15 Conclusion: Protecting Your Livelihood and Wellbeing đź“ž BOOK A FREE, CONFIDENTIAL CONSULTATION: Call us: 905.738.4167 Toronto line: 647.799.3312 Read Brandon’s Blog: https://ift.tt/e6IlzNk Location: 167 Applewood Crescent #6, Concord, ON L4K 4K7 #OntarioLawyer #LawSocietyOfOntario #ConsumerProposal #BankruptcyCanada #LicensedInsolvencyTrustee #BrandonSmithy #IraSmithTrustee
via YouTube https://www.youtube.com/watch?v=8Z48RmCjTtY
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