What must I Do During Bankruptcy?

What must I Do During Bankruptcy?

You must attend the meeting of creditors, if one is held. At this meeting, your creditors will have the opportunity to ask questions about your bankruptcy. However, in most personal bankruptcies, no creditors’ meeting is held.

You must attend the meeting of creditors if one is held. At this meeting, your creditors will have the opportunity to ask questions about your bankruptcy. A meeting of creditors is held if requested by the Superintendent of Bankruptcy or by creditors with an aggregate of at least 25% of the proven claims. These meetings are usually held at the office of the trustee.

However, in most personal bankruptcies, no creditors’ meeting is held.

You must give the trustee your T-4 slips and any other information necessary to complete any outstanding tax returns to the date of bankruptcy.

When you file for bankruptcy, the day you file is treated like the end of your tax year so that in the year you file bankruptcy you actually have to file two different tax returns.

Any income tax debt will be included in your bankruptcy, although you may be required to pay it separately. Any refund to which you are entitled will be an asset that will come to your trustee for your creditors.