Can Bankruptcy stop CRA Collection?

Can Bankruptcy stop Canada Revenue Agency Collection

Do you have concerns regarding a Canada Revenue Agency Collection and how a proposal or bankruptcy affects this difficult issue for you?

First before you can file for bankruptcy or a consumer proposal, a trustee must examine your finances to authenticate that you are insolvent. Someone who is insolvent, must owe at least $1,000.00.Also, they must be in general incapable of paying their debts as they are due, or have stopped paying their debts altogether, and/or their debts are greater than their assets. Read more on what is insolvency.

Once you are declared insolvent, then the trustee will review all possible options available, including alternatives to a proposal or bankruptcy

Consumer Proposal / Bankruptcy and the CRA

In numerous cases, CRA (Canada Revenue Agency) taxes can be included in a bankruptcy – nevertheless the CRA has the option, to not allow some taxes to be included.

It is also possible to have the CRA (Canada Revenue Agency) consent to a reduced sum on outstanding taxes when a Division I Proposal or Consumer Proposal is filed.

So there is hope if you have outstanding payments owning to the CRA. The next step is to call us for a free consultation where we can review your case, and help determine which the best option for you to take is. If you live in the Toronto area, you are welcome to call us at 416-498-9200.

For some past CRA Case Histories with David Sklar & Associates, see the following

http://davidsklar.com/blog/case-history-doug-bankruptcy-and-the-cra/ – Doug’ had prolonged health issues and large debts to creditors and the Canada Revenue Agency (CRA). Read more on this case history.

http://davidsklar.com/blog/division-1-proposal-for-a-small-business/ – This is a Division 1 Proposal Case History. ‘Mark’, An IT Manager faced up to his mistakes and deals with a Canada Revenue Agency garnishee. Read more on this case history.

 If you are facing financial problems and have surmounting debt, call the offices of David Sklar & Associates for a free consultation. We are here to help you!

Take Your First Step Towards A Debt Free Life

If you are overwhelmed by debt and live in the Toronto area, call us at 416-498-9200 to book a FREE, confidential appointment. We will review your financial situation in detail and discuss all of your options with you. Alternatively, you can fill out the form below and our team will reach out to you. 

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The best decision I've made was to contact David Sklar & Associates, they are experts in this matters and also have dedicated Licensed Counsellors that provide the best customer support, like Rhoda Lewis, who I highly recommend. She worked tirelessly on my case, explaining ever detail to me willingly. She demonstrates a true interest in her clients. I appreciate how she patiently walked me through what to do, step by step. I now have control over my finances, as a result my life is much more peaceful and I can focus on what matters. Thank you!
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Rhoda is a wonderful person, She help me and guided me throughout the process. I couldn’t do it without her support and expertise. Now I can start fresh and full of hope of a better life ahead of me.
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21:33 06 Jun 22
The service I recieved from David Sklar and Associates was great. I was able to meet with Christin Sylver. She is kind, understanding and, professional. She was able to answer all the quesions that I had regarding my debt. At the end of our meetings, I felt that there is a heavy burden lifted from my shoulders. I recommend Chistine to anyone who is looking into debt relief.
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12:11 04 Jun 22
Jerry is a very patient person, he answered all my questions and made this experience so smooth and easy for me. I was not sure what to expect but dealing with him made me feel so much better. He sure knows what he is doing and how to put people at ease for sure (should have done this long ago). I recommend him to anyone I am so glad I had him on my side and now to do my part. Thanks Jerry ur greatPattie
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