Tag Archives: court

Bankruptcy-Discharge

Bankruptcy Discharge

After making an assignment in bankruptcy with a licensed Trustee, you must complete a number of duties, including, but not limited to: 1) Attending two credit counselling sessions; 2) Reporting your income on a monthly basis; and 3) Making all required payments. If you are a first or second time bankrupt, and fulfill all of your duties prior to your scheduled discharge then you will receive what is called an Automatic Discharge.  It is at this time that your ...

High-Personal-Income-Tax-Debt

High Personal Income Tax Debtors and Bankruptcy

Surprise, surprise: The Federal Government’s laws make your life difficult if you don’t pay them.  In this case, its s172.1 of the Bankruptcy and Insolvency Act.  The majority of bankrupts never have to attend court, or appear before a judge, but this isn’t the case for “High Personal Income Tax Debtors” who have more than $200,000 of personal income tax debt that represents more than 75% of their total unsecured debt. (Mortgages, and most car loans are secured debt, not unsecured debt). ...

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