Calgary Bankruptcy - CRA, payroll debts, GST

Calgary Bankruptcy Questions & Answers

Author:		Anonymous
Date:		Jan 23, 2008
Question:		My husband owes a fairly substantial amount to CRA and is thinking of filing a proposal or bankruptcy. We own several ATVs and a 22 year old travel trailer but it is all registered in my name and always has been. If he declares bankruptcy, will we be able to keep these assets as they are in my name? Also, we have two vehicles, both of which are in my name, will these be affected?
From:		Gary, Alger & Associates Inc.
Date:		Jan 23, 2008
Answer:		If your husband is required to file for bankruptcy he does not list assets that do not belong to him. If the assets have a significant value Revenue Canada would be interested if the assets had been purchased with your husband's income. For example if he owned a company and company funds were used to purchase those assets. Gary Howitt phone: (780) 442-1983 If you wish to talk to one of the Calgary bankruptcy professionals at Alger & Associates Inc., you can call us TOLL FREE from anywhere in Alberta at 310-8888. After hour appointments at our Calgary bankruptcy offices are available.   Or you can click here to submit a question to the Calgary bankruptcy Q&A forum