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by Stefan Pylarinos
11 replies
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#bankruptcy #business #file #pay #taxes
  • Profile picture of the author DWolfe
    Think your best bet is to contact a Bankruptcy Attorney in Canada. The laws are unique to each country. Any advice here that is incorrect could cost you even more grief IMHO
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  • Profile picture of the author Cay78
    DWolfe said it....you want to contact a bankruptcy lawyer and explain your situation to them as every case is different. Sorry to hear that. Best of luck to you in the future.
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    • Profile picture of the author jimbo13
      In the first instance you want to come clean with your creditors and tax office.

      See if you can negotiate lowering the monthly. They wont like it but something is better than nothing.

      Other than that do you have things like Citizens Advice type thing on Canada as they will advise the pros and cons for free.

      Only then would I speak to a lawyer about it but Canada may be different.

      Dan
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      • Profile picture of the author umc
        I can't speak to Canadian law, but in the United States bankruptcy doesn't wipe out tax debt, so you have to do what you have to do to earn as much as you can to pay it back. Sorry you're facing this. I'm near the end of paying off my own tax mess currently, and it isn't a fun ride.
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        • Profile picture of the author Phillyco
          Originally Posted by umc View Post

          I can't speak to Canadian law, but in the United States bankruptcy doesn't wipe out tax debt, so you have to do what you have to do to earn as much as you can to pay it back. Sorry you're facing this. I'm near the end of paying off my own tax mess currently, and it isn't a fun ride.
          This is true. I think usually taxes have priority in any liquidation process. I would talk to the tax service as soon as possible to figure out your options.
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  • Profile picture of the author Stefan Pylarinos
    [DELETED]
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    • Profile picture of the author Mark Andrews
      Banned
      I'm not at all familiar with tax law in Canada, however...

      ...here in the UK if you have debts there is a minimum amount your can offer per month, which is peanuts.

      If the creditor refuses to take you up on this low ball offer and decides to take you to court for the full amount instead, typically what happens is that the case is thrown out of court because you actually took the initiative with an offer of payment, no matter how small. Showing your willingness to clear said debt.

      The debt is then wiped clean. In other words the creditor has no right over you to demand any further payments whether or not money is still owed.

      Also in the United Kingdom we have a free service called the C.A.B. (Citizens Advice Bureau). This is run by volunteers and is in every town and city across the country. If you experience any legal problems at all, these people can negotiate on your behalf and will fully explain to you your full legal rights.

      Do you have anything similar in BC, Canada which you can take advantage of?

      Bankruptcy is really a last resort as of course it will effect and impound dramatically on your credit rating, ability to get credit in the future, not to mention losing any assets and typically not being allowed to run a business for a set number of years until the bankruptcy period is over.

      I would suggest exploring every other option first rather than going bankrupt.

      I hope you find something in this post to be of benefit to you.

      Warmest regards,


      Mark Andrews
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  • Profile picture of the author patrickdwayne
    Consulting a bankruptcy lawyer is the best solution. They know well about the things.
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  • Profile picture of the author sloanjim
    and your sig? What level is that?

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  • Profile picture of the author TheyCallMeBE
    Originally Posted by umc

    I can't speak to Canadian law, but in the United States bankruptcy doesn't wipe out tax debt, so you have to do what you have to do to earn as much as you can to pay it back. Sorry you're facing this. I'm near the end of paying off my own tax mess currently, and it isn't a fun ride.
    Thats not totally accurate. Taxes can be wiped out through bankruptcy based upon meeting certain criteria.


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  • Profile picture of the author shane_k
    Well you are going to have to talk to a Bankruptcy Trustee. They will let you know what is expected of you, what you must do, and let you know what can and can't be discharged by a bankruptcy. They will also probaby want to meet with any co-signers that you have had, and how this will affect them.

    Yes I know a bit about it because my father went through this.

    No one here on this forum is going to be able to give you the proper advice, remember this is an international forum and laws are diffrent from country to country.

    So talk to a Bankruptcy Trustee.
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  • Profile picture of the author Phillyco
    Sorry to hear about your situation. The best thing you can do is talk to a tax attorney; From my experience, in the U.S, your debts aren't easily wiped away. You should talk to your creditors and see if you can come to an agreement. This can sometimes be done through a form of bankruptcy (chapter 13 at least in the U.S). Your credit score may take a hit depending on how your business is set up. Hopefully it won't be too much of hit. Good luck
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