f I file bankrupcy will i still owe to the govermet

April 24th, 2009 by Questions

I owe the government 9.845 $ for axcess contriutions from 2003 to 2007 if I file bankrupcy will i still owe to the government? Also if I file bankrupcy do I lose my house,and does it effect my common law?

Posted from: Quebec


One Response to “f I file bankrupcy will i still owe to the govermet”

, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

A bankruptcy will clear you from taxes. Although when a substantial proportion of your debt relates to taxes a bankruptcy may be extended by court and the court may require you to make additional payments as part of the bankruptcy.

In terms of your house, this depends on the amount of equity in your house, your ability to pay and whether or not CRA (government) has registered against that property. If they have this then acts as a second mortgage and any of the arrears that have been registered cannot be cleared by the bankruptcy. So if CRA hasn’t registered yet, you are best to consult with a local trustee as quickly as possible.

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)