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*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Am I protected from income taxes being incurred during the pre-bankruptcy period?

More specifically, I went bankrupt in Sept. 2005 and am now successfully discharged.
Am I liable today to pay taxes on income earned up to sept. 2005? I know that previous years’ amounts due can be written off, but since the assessment for 2005 is only performed in 2006, am I still protected?

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One Response to “Am I protected from income taxes being incurred during the pre-bankruptcy period?”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

You will be cleared from your taxes up to your date of bankruptcy. Your trustee should have done 2 returns, one that would cover from January 1st to your date of bankruptcy. If there are any amounts owing on this return you will be cleared from these. The second return will be for the remaining portion of the return (i.e. date of bankruptcy to December 31st) and if there is any money owing on this return you will be responsible to pay this amount.