Rev Canada

January 9th, 2008 by Questions

I am currently NOT working, I do NOT have any assets of any significants. I owe Revenue Canada over $100,000.

If I am unable to make ANY payments, as I am not working, can Revenue Canada FORCE me into bankruptcy ?

Again, I have NO real assets of any kind.



One Response to “Rev Canada”

, Barton Goth GCO Bankruptcy Trustees said:

Technically speaking any creditor can petition you into bankrutpcy. However, in this type of situation it is very rare and would very much surprise me if CRA did this.

Typically CRA preferes to continue to charge the interest and penalties in hopes that your financial circumstances improve.

The one thing you may want to keep in mind, as the cost of bankrutpcy is partially dependent on how much you make, financially it may make more sense to file a bankruptcy now so that if things improve in the future resolving this problem will not end up being more costly.

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