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*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

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How can we help you?

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 Super Intendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Can I be protected from legal action?

Hello, I have a few questions would like to ask…
1. what will happen to the annual tax return of mine? Say, I file the 2011 tax return before filing my personal bankruptcy or after filing my bankruptcy?? Also I read that there could be 2 times of filing my tax return during the same year that I file my personal bankruptcy??

2. I would likely be having a civil law suit against me involing a car accident, and I am assuming will be a huge sum of money that I will be sued at. However, I really dont have anymore extra money, I need to maintain my own least living expenses and I am getting financial support from Government EI now (jobless now), what I would like to ask is that would filing the bankruptcy protect me from the legal action if I dont win in the court??

Thank you very much, very much appreciated

Posted from: Ontario

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One Response to “Can I be protected from legal action?”

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

If you file for bankruptcy automatically you will lose all tax refunds for the year of bankruptcy and any year prior. As well, the way your taxes are done in the year of bankruptcy is different as the date of bankruptcy is deemed to be a year end for tax purposes. As a result your trustee will file 2 returns for that year.

In terms of the civil suit, as long as it is not for intentional bodily harm, wrongful death or sexual assault then your bankruptcy will put a stop to that legal action. But you should contact a local trustee for more details concerning this lawsuit.