Income Tax

August 10th, 2011 by Questions

I know that there is a pre-bankruptcy income tax filed and after bankruptcy a post bankruptcy.
My question is if one goes bankrupt in July 2010 and it is for 9 months and ends March 2011. What does the trustee file for for income tax. Do they only file for the months of July to Dec 2010 and January 2011 to Mar 2011? I find this very confusing, is it the responsibility of the bankrupt to look after the time frames out of bankruptcy such as Jan – Jun 2010 and Apr – Dec 2011?

Posted from: British Columbia


One Response to “Income Tax”

, A licensed trustee said:

Your trustee is required to see that the tax return for the year prior to your filing and the PRE bankruptcy tax return are filed. Most trustees will complete the POST bankruptcy return as well, but it is not actually required (so we’re clear – you are required to file your POST, but most trustees will prepare it for you).

So, if you filed in July 2010, your trustee is required to see see that 2009 is filed and the PRE 2010 return. Most trustees will alos prepare the POST 2010 return. Your trustee will not have anything to do with preparing ytour 2011 return – unless you enter is some special agreement for them to so do.

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