who is responsible of filing tax return and how does saving benefit my credit rating
April 11th, 2007 by Questions
I received an automatic discharge on December 31, 2006.
My questions are
1. Who is responsible to do my 2006 taxes? My trustee or me? The obviously did a pre-bankruptcy return in March 2006 when I filed.
2. One of the recommendations for rebuilding credit is to consistently save through RRSP\’s and other methods. I recently received a copy of my credit report and I don\’t see any section which reports on savings. How exactly does saving benefit my credit rating? It obviously helps my personal financial situation but I don\’t see any direct correlation to my credit rating.
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April 12, 2007 at 4:56 pm, Barton Goth GCO Bankruptcy Trustees said:
Normally, your taxes will be completed by your trustee in the year you filed for bankruptcy, your discharge date really doesnâ€™t make much of a difference. Therefore, if you filed in 2006 then you trustee will complete your 2006 returns.
In terms of rebuilding credit, you are correct that savings doesnâ€™t have a direct impact on your credit rating, what it does is give you more clout with the bank, which makes it easier to obtain credit, which in turn is reported to the credit bureau.
Therefore you are well on your way, but now you need to look into obtaining some form of credit. I recommend loans over credit cards, but ultimately it is up to you.