2025-06-30
Who Can File For Bankruptcy
Bankruptcy
There are several common scenarios which may cause you to wonder whether personal bankruptcy is an appropriate option to get out of debt.
Yes it is possible to file an assignment in bankruptcy a second time and yes it would serve to extinguish or discharge your income tax debt.
If you have $200,000 or more of income tax debt and this represents more than 75% of the total unsecured proven claims, a court application for your discharge would be held upon the expiration of 24 months (if you don't have surplus income) or 36 months (if you do have surplus income).
If your tax debt is less than $200,000 you would remain eligible for an automatic discharge to be granted by the Trustee, however, the same time periods would apply i.e. 24 versus 26 months depending on whether or not you have surplus income.
2025-06-30
Bankruptcy
There are several common scenarios which may cause you to wonder whether personal bankruptcy is an appropriate option to get out of debt.
2025-04-25
Bankruptcy
Filing for Bankruptcy is a significant decision that can provide a fresh start for Canadians overwhelmed by debt. However, it’s essential to approach this process with caution and awareness to avoid common pitfalls and make informed decisions to protect your financial future.
2025-04-11
Bankruptcy
Considering Bankruptcy and wondering who could find out? Rest assured; your information will stay mostly confidential.