FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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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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Outstanding taxes and other questions

I have accumulated almost 30,000 dollars in debt from Revenu Canada and Revenu QUebec. I also owe an additional 5000 on this year currently filed returns and GTST/PST – to which i have not received a notice of assesment. If I declare bankruptcy will all of my current debt and the 5000 that is due be wiped out? If I have a car lease, will this be affected by my bankruptcy? Will anyone be able to find out that I declared bankruptcy?

thank you for any answers to these questions

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One Response to “Outstanding taxes and other questions”

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

Yes the Revenue Canada and Quebec debts would be cleared up to the day you initially file the bankruptcy. As for a car lease, as long as you are up to date with the lease obligations this is typically unaffected, but realistically it is up to the lender. Finally, there are 2 ways people can find out about a bankruptcy. The first, and most common, is on your credit history it will be listed for a maximum of 6 years from the date your bankruptcy is completed. As well, there is a central registry that is kept by the Superintendent of Bankruptcy that for a fee anyone can search to find out if someone has filed a bankruptcy or not. Realistically this registry is typically only used by licensed trustee’s as anyone else has to pay a fee per name they search.

For more information and as a result of some of the provincial differences that exist, I suggest you contact a licensed trustee in your area and he will be able to clarify any of these details.