There are two tax returns required with personal bankruptcy.
Filing personal bankruptcy deals with all debts which were incurred prior to filing.
MARCUS ASKED: Is it possible to make one-time payments to your Ontario Student Loan debt, without having to start paying monthly?
Personal debt issues are a common concern touching people everywhere.
What happens to student loans when you file for personal bankruptcy? Student loan debts will be eliminated provided that you have ceased being a full or part-time student for a minimum of 7 years, as at the date of filing.
We recognize that every business is unique with its own issues and complexities. Therefore we recommend that you review your situation with one of our licensed trustees in bankruptcy. Deciding whether or not to continue being self-employed
Government debts including income tax, HST and payroll source deductions are no different than any other debts you may owe.
Post-secondary debt blues in Ontario? You're not alone and we can help.
At Welker & Associates we help owners of incorporated companies deal with their debt issues, including government debt. There are three main government debts that business owners have to deal with: