Bankruptcy Law Archives - Page 10 of 11

I forgot to include a debt in my bankruptcy

Posted on December 27, 2013April 20, 2016 by Jordan Rumanek

I forgot to include a debt in my bankruptcy

If a debt is unintentionally omitted from a bankruptcy filing, there may be a need for the bankruptcy documents to be amended but only if the amount is substantial. There are several valid reasons why a creditor or debt may be unknown but the creditor should still be notified of the bankruptcy so that the creditor can file documents with the Trustee. The problem is if a creditor is intentionally omitted in order to mislead the other creditors, the Trustee or the court. By misleading the aforementioned parties a bankruptcy offence is committed and the Trustee must notify the court of this. In this scenario you will have to attend the court with the Trustee in order for you to get your discharge from the bankruptcy.

Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.

Bankruptcy and Insolvency Act (BIA)

Posted on November 5, 2013April 20, 2016 by Jordan Rumanek

Treatment of the Ontario Trillium Benefit under the Bankruptcy and Insolvency Act / Application de la Loi sur la faillite et l’insolvabilité à la Prestation Trillium de l’Ontario

The Office of the Superintendent of Bankruptcy (OSB) has published a position paper on the treatment of the Ontario Trillium Benefit (which will combine the Ontario Energy and Property Tax Credit, the Northern Ontario Energy Credit and the Ontario Sales Tax Credit) under the Bankruptcy and Insolvency Act.

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Le Bureau du surintendant des faillites (BSF) a publié un exposé de position concernant l’application de la Loi sur la faillite et l’insolvabilité à la Prestation Trillium de l’Ontario (qui réunit le crédit d’impôt de l’Ontario pour les coûts d’énergie et les impôts fonciers, le crédit pour les coûts d’énergie dans le Nord de l’Ontario et le crédit de taxe de vente de l’Ontario).

Bankruptcy and My Job

Posted on October 4, 2013April 20, 2016 by Jordan Rumanek

Bankruptcy and my Job – Nothing happens to your job if you go bankrupt.

Bankruptcy does not prevent you from working. Normally, your employer is not provided your personal bankruptcy information, unless you owe them money. If you are being garnished, a bankruptcy or proposal will stop the garnishee, but your employer will find out you have filed for bankruptcy or proposal from the notice they receive to stop the garnishee. You are still required to file tax returns for any income received during bankruptcy.

There are certain professional licensing authorities that impose particular restrictions on members under bankruptcy. You should confirm with your licensing authority whether or not your bankruptcy affects your ability to practice your profession.

Canada Revenue Agency Q & A

Posted on September 26, 2013April 20, 2016 by Jordan Rumanek

Canada Revenue Agency Q & A

Hi, I’m a CA sole practitioner. I have a question regarding an individual client who owes CRA a substantial amount of unpaid personal income tax and director’s liability on HST/source deductions. My client advises they have negligible assets other than their principal residence owned 50/50 with their spouse who has no such CRA liabilities. They are both seniors with health issues.

Q1: Is there any risk of loss of their home due to CRA debt?

Q2: If yes to #1, what steps should they consider to prevent the loss of their home?

Q3: In general, what specific approach would you advise in order to eliminate or reduce this significant personal debt?

Yes, there is risk and CRA can put a lien on the debtor’s house for the unpaid debt. To prevent this they have options and can choose to file a consumer proposal or bankruptcy. If they do choose one of these options, CRA can no longer put a lien on the property. In terms of question #3, the specific approach would depend on a variety of details such as: the option they choose, the value of the house and the balances outstanding on the mortgage.

Tag: Bankruptcy Law

I forgot to include a debt in my bankruptcy

I forgot to include a debt in my bankruptcy

Bankruptcy and Insolvency Act (BIA)

Treatment of the Ontario Trillium Benefit under the Bankruptcy and Insolvency Act / Application de la Loi sur la faillite et l’insolvabilité à la Prestation Trillium de l’Ontario

Bankruptcy and My Job

Bankruptcy and my Job – Nothing happens to your job if you go bankrupt.

Canada Revenue Agency Q & A

Canada Revenue Agency Q & A

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