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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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Unfiled Taxes

I have not filed my taxes since 2005. I plan to file for bankrupcy this week and I`m just wondering how this will affect my tax refund from all those years?

Posted from: Ontario

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One Response to “Unfiled Taxes”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

Any tax returns pertaining to the year of bankruptcy or any prior year is an asset of the bankruptcy estate. Meaning you will loose any of these outstanding refunds and they will be paid into your trustee and ultimately be used to create a disbursement among your creditors.

Conversely, if you have any outstanding tax that relates to prior to the day you file for bankruptcy, these outstanding tax debts will be cleared as part of that bankruptcy.