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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 refund prior to claiming bankruptcy

I am looking into claiming bankruptcy. I’m a single parent and recently unemployed. I received a refund on my 2009 taxes and also on my 2010 taxes. Will I be required to pay that money back to the Licensed Insolvency Trustee when I decide to file for bankruptcy?

Posted from: British Columbia

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One Response to “Tax refund prior to claiming bankruptcy”

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

The only time you would have to pay that money back is if you did something innappropriate with the monies received. For example, if on the eve of bankruptcy you paid your mother back $5,000 you owed her and didn’t give the same treatment to the rest of the creditors. As long as you didn’t do anything questionable with the monies then you shouldn’t have any issues when it coes to filing a bankruptcy.