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Who Files My Tax Returns During Bankruptcy?

When you file an assignment in bankruptcy, you are dealing with your debts as of that date. Debts owing as of the date of bankruptcy, including tax debts, are included in your bankruptcy. Similarly assets you own as of the date of filing are to be realized on by the trustee. Those assets include any income tax refund(s) in the year you file for bankruptcy. Practically, this has an impact on how your income tax returns are filed when you claim bankruptcy. While every trustee has their own policies, the following is a common approach. Why Two Tax Returns in…

The Cost of a University Education: A Scarborough Bankruptcy Story


The cost of a university education is very expensive these days but the cost may be even more than people imagine. Often students have a difficult time finding a career that allows them to address their loans when they first start working. But other than the students, the cost of a university education can be felt by other members of the household. I met with John and Irene (not their real names) in my bankruptcy office in Scarborough at the beginning of the summer. Between them, they had ten credit cards that had reached the maximum credit and the collection…

Is it Time to Consolidate Your Debts?

consolidate your debts

Do you want to consolidate your debts? Perhaps the better question is do you need to consolidate your debts? Why Consolidate Your Debts? There are three main reasons why people choose debt consolidation: To consolidate several debt payments into one single amount. Often when people have numerous debts, whether it is a number of credit cards or a number of payday loans, they lose track of exactly how much debt they have and when to make their payments. To arrange for a lower monthly payment than you were paying before. This can mean the difference between affordable debt payments and…

Six Ways To Prepare For Filing Bankruptcy

bankruptcy pay off debt

Making the decision to file for personal bankruptcy can be a stressful one. Often when I meet with someone in financial distress they tell me they are losing sleep, it’s affecting their personal relationships and they just don’t know how they’re ever going to get out from under their debt. My advice is to think of personal bankruptcy as your opportunity for a fresh start. Your trustee is going to guide you through the process, but the following are some tips to keep in mind to help make the whole process less stressful for you: 1. Make a list of…

Separation Agreement Will Not Protect You From Debt Obligations


Marital breakups can be difficult for any family. It causes a flurry of emotions, decisions, and unforeseen consequences – especially when it comes to your personal finances. If you had joint accounts throughout your marriage, you’re in a particularly vulnerable position, even with a separation agreement. What is Joint Debt? Joint debt is any type of loan that you are both liable for. Even though there are two people assigned to the type of credit, that doesn’t mean you’re only responsible to pay half. If you pay half, but your spouse (or in this case, ex-spouse) refuses to pay, the…