Question: I am self employed and owe a great deal both in personal income taxes and GST, does filing personal bankruptcy dissolve these debts?
Answer: Yes, personal bankruptcy discharges tax debts. However, it is important to make a plan so that in the future you don’t get behind on your taxes. We strongly recommend that you discuss this with your Vancouver bankruptcy trustee.
Question: If i have debt that is both personal and from my own business do i file bankruptcy separately? or can it all be filed together?
Answer: If you have a corporation, the corporation’s debts can only be discharged if the corporation files bankruptcy. You would be able to personally file bankruptcy on any debts in your name, or corporate debts that you have personally guaranteed. A Vancouver bankruptcy trustee can provide you with more information.
Question: I have 30,000 credit card debt and haven’t filed taxes in 15 years. i have worked for cash, straight check,and under a company in my own name,for which i have no records . haven’t worked for months and need to resolve this situation. where do i start?
Answer: If you truly want a fresh start, you should start by filing your missing tax returns, which you may only be able to do by estimating your income for the missing years. Once the returns are filed, if you owe a significant amount of money, a bankruptcy would be an option, although until the numbers and your job status are known, it is not possible the determine the correct course of action.
