What are the other implications of a bankruptcy?
Since it manages and liquidates most of your property, the trustee in bankruptcy will have to meet certain tax obligations such as, if you have not filed , your tax returns:
- For the two (2) years preceding your personal bankruptcy
- For the period beginning 1 st January and ends on the day before the official date of your bankruptcy.
In addition, he will have to produce, if necessary, the returns of the years following your personal bankruptcy in order to declare the sums resulting from the actions posed during this last like:
- Investment income
- A withdrawal from your RRSP …
Declaring bankruptcy also requires you to file different tax returns, two (2) for the year of your personal bankruptcy:
- The 1 re : for the period beginning 1 st day of the fiscal year (1 st January) and ends the day before the official date of your bankruptcy
- The 2 e : for the period beginning the date of bankruptcy and ends with the fiscal year on December 31.
The tax credits, deductions and other amounts to which you are entitled during the year will be separated between the two (2) returns.
Anyway, to better understand the personal bankruptcy and its implications, contact without hesitation a trustee in bankruptcy or a financial advisor through the online bid solicitation form that is on this page.
The benefits and consequences of declaring bankruptcy
| Benefits of personal bankruptcy | Consequences of personal bankruptcy |
| Allows you to reset your credit and find a financial balance (second chance) | Your family and friends may also suffer from personal bankruptcy (anxiety, stress, lack of sleep …) |
| Protects some necessary goods, some benefits … | Some of your possessions will be seized, even those that are dear to you (unless they come from an inheritance) |
|
Erase your releasable debts
|
All your debts will not be erased. Will stay:
|
| Protects you from prosecution | You will have to fulfill strict commitments |
| Stop the creditors’ appeals | You will have to be honest and transparent |
| Halted seizures (wages …) | Your access to credit will be more difficult |
| Freeze your interest charges | |
| Less expensive than many other solutions |
Feel free to meet a professional to discuss a bankruptcy
Choose the best solution for you to get out of your debts. You do not have to declare bankruptcy when you meet a trustee in bankruptcy. Your professional will help you make an informed choice about the solutions that can help you get out of your difficult situation. There may also be the option of a consumer proposal or mortgage consolidation.
Do not let your finances continue to degrade. Request without further delay the experience and know-how of a financial expert by filling out the solicitation form on this page free of charge.
A professional such as a trustee in bankruptcy, a financial advisor or a mortgage broker (depending on the need mentioned in your form), a Mortgage Loan Submission partner, will contact you quickly to offer you its services at the lowest price.
All the experts who have joined our digital online bid solicitation are independent professionals, selected according to rigorous selection criteria and verified at 360 degree.
Find your peace of mind and book no. Let a specialist assist you and guide you through every step of the process if you choose to go bankrupt. The first consultation is free of charge. You do not incur any commitment.