CAN I GO BANKRUPT ON GOVERMENT DEBT?
This is a question we often get at this time of the year.
Government debts such as taxes, EI and welfare overpayments and student loans are dischargeable in a bankruptcy or proposal proceeding.ice and arrange your free consultation.
In some cases there are limitations in terms of values and time frames.
For example for a student loan to be dischargeable you must have been out of school for at least five years. If you have tax debt that meets two criteria 1, more than $200,000.00 in value; and 2, representing 75% or more of your total debt you will be required to attend a court hearing for the discharge of the debt.
For more information call the office and arrange for your free consultation.