Question Asked...
I am going to be filing for bankruptcy early next month. I realize you lose everything that is worth something. ex: RRSP`s inheritance, vehicles that are worth more then $5000.00 etc… My question is, when you declair bankruptcy, what is it you lose during your bankrupcty…. I think I understand I will not receive GST cheques, and income returns….. This is my first time ever claiming bankruptcy…. so ……. How long would this continue? Is it only til your 9 months are up…(if you follow all requirements….) 7 years? aslo I am expecting a child in the next 6 months…. will I receive the baby cheques? or does the government keep that as well?
Posted from: British Columbia
You are correct, with a bankruptcy the first things lost would be any property that falls outside the provincial exemptions.
In terms of taxes and GST you will loose this for the year you file and for any year prior (if taxes have not been done). So typically if GST is lost you are usually looking at 4 cheques, although if there are sufficient monies available in the estate to make disbursements to your creditors you may find a portion of the GST could be returned.
In terms of baby cheques (I am assuming this is Child Tax Benefit) you will continue to get these througout your bankruptcy.