Posts Tagged ‘tax refund’

What Happens to Student Loans in Bankruptcy?

If you have been a full- or part-time student in the seven years prior to your bankruptcy or consumer proposal, you will not be discharged from a student loan and payments will resume as soon as you are done.

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7 Ways to Get More From Your Income Tax Refund

Hopefully you are one of the people who is fortunate enough to be getting a refund. While it may be tempting to spend your refund at the mall or splurge on some other consumer goods or a trip, we have 7 suggestions that will provide you with more bang for your buck.

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Advantages of Filing a Consumer Proposal vs. a Bankruptcy

A consumer proposal can be creative and involve the sale, over time, of assets and payment of all or a portion of the equity in those assets to your creditors. This would allow you to settle your debts through a lump-sum payment instead of having to make monthly payments.

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Filing Your Income Tax Return After Bankruptcy

As part of the bankruptcy process, your Licensed Insolvency Trustee is required to file your income tax return for the year of bankruptcy and any returns that came due during the calendar year prior to bankruptcy. Any tax refunds for either of these periods will come directly to your bankruptcy estate for the benefit of the unsecured creditors.

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Is Bankruptcy My Only Option?

Bankruptcy is not the only debt solution option available to resolve overwhelming debt. Your Trustee (Licensed Insolvency Trustee) can also put together a consumer proposal to your creditors. Where you pay a portion of the debt, you owe your creditors, and the creditors write off the remaining balance of the debt.

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Personal Bankruptcy and Income Taxes – What You Need to Know

When filing a personal bankruptcy income tax debts are discharged the same as any other unsecured debt, such as credit cards and personal loans. If you are struggling with income tax debt or have had your wages garnished then you should seek the assistance of a professional.

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5 Myths About Bankruptcy

Filing for personal bankruptcy can be a very stressful event due to the stigma and misinformation that surrounds this topic.   Bankruptcy is often thought of as something that happens to irresponsible people or those who cannot properly manage their financial affairs.  In many instances, this couldn’t be further from the truth.  Most bankruptcies are triggered by life events such as marital breakdown, loss of job, illness or decreased income.

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