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

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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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Tax File

I understand that a bankrupt loses their tax refund for the year that they file for bankruptcy, but what happens in the following year if they are still in the bankruptcy stage?

For example, I filed for bankruptcy in Jan of 2009 and will lose my refund when my trustee files my taxes for 2008. But what happens next year when I file for my 2010 taxes and I happen to have a tax refund, considering I be discharge from bankrupt in jan 20,2010?

Posted from: Alberta

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One Response to “Tax File”

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

When you file for bankruptcy you lose any tax refunds for the year of bankruptcy (so in your case that is 2009) and any years prior to this (so this would included your 2008 return that you referred to).

Now this has nothing to do with the year you are discharge, it is all determined by the year in which you filed for bankruptcy. So your 2010 tax return (which you won’t be filing until 2011) will be yours and have nothing to do with the bankruptcy.