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bankrupcy and income tax

hi,

I have been considering filing for bankruptcy.

my dept load is high, i have zero assets am only part-time employed, and am 3years behind on tax returns.

I am assuming i am going to be in even more dept from income tax, although i never really have made a lot of money. I do not have student loans, mainly just bills stacking up, and potential income tax dept.

so my question is:

How does bankruptcy affect income tax??

at this point i am stressed out and fairly desperate. i do not have any way to pay off either my depts, nor the government.
i don`t have any equity or assets.

I feel like i should file, but i also want to know how this affects my taxes.

– do i file tax returns first?

– does this get included in my bankruptcy?

Posted from: Ontario

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One Response to “bankrupcy and income tax”

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

Taxes are simply an unsecured debt and any outstanding amount you owe as of the date of bankruptcy are cleared by the filing of the bankruptcy.

Now the tax returns still need to be filed, they can be done either right before or right after you file bankruptcy, but they still need to be completed.

If I were in your shoes I would contact a local trustee prior to filing your taxes, and they may be able to give you a hand with the preparation as part of the bankruptcy itself.