March 7th, 2013 by Questions
If a person owes revenue canada 250,000.00 and most of it is penalties and late charegs and you own nothing can you claim bankrupcy?
Posted from: Ontario
March 07, 2013 at 8:56 am, A licensed trustee said:
Certainly, but you may be required to appear in Court to explain yourself (ie how you accumulated so much tax debt). It is fairly common for the bankruptcy Court to order you to repay a portion of your tax debt, if the Court feels you should have been more responsible with your affairs – Orders to repay 10 to 20% of the tax debt (before interest and penalties) are not uncommon. Whatever trustee you speak to should be able ot give you more detailed information.
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