Federal tax debt

March 23rd, 2008 by Questions

I owe $121,000 in federal tax. I have NO assets except my Van that I drive to work. Can I claim bankrupcy and will they take my transportation?

Questions

One Response to “Federal tax debt”


March 25, 2008 at 12:32 am, Barton Goth GCO Bankruptcy Trustees said:

You can definately file a bankruptcy. As this is clearly a tax driven bankruptcy it will likely be opposed by Canada Revenue Agency and will last longer than most bankrutpcies (see a local trustee for details).

However, as long as your vehicle is worth less than the exemptions in youf province you shouldn’t have any difficulty keeping the van.

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