Question: |
|
Hi, I live in Alberta and have just found out I that I now owe an
addition $6,000 in Federal Income Tax. I presently was on a Orderly
Payment Plan, but now am at the point where I can't even manage the debt
I have (I am on Long Term Disability), so I am considering all options
including Bankruptcy. Unfortunately, it looks as though I have no other
option. I owe $30,000 (approx. $10,000 in Federal income tax). I was
wondering if you could please answer the following for me:
I was interested in what happens with a bankruptcy and firearms (restricted: handguns, non restricted: rifles).
Are they simply seized, or are they not allowed to be taken since they
are registered.
I am planning to marry a woman in New Hampshire, but we are not sure
where we will live. Do you know if the Bankruptcy will affect me
marrying her in the United States or my own Country (Canada)?
Bankruptcy and Income Tax owed (I owe about $10,000).
Thank you so much for your time during what is a difficult time for
myself. I graciously await your reply.
|
Answer: |
|
The firearms would not be an exempt asset and therefore if the trustee could sell them and realize value for the creditor's that is what likely would happen. It might be possible for you to negotiate a deal with your trustee to have you repurchase the guns at appraised value.
Your bankruptcy should have no impact on your marriage other than the normal financial costs.
Yes, income taxes are covered in a bankruptcy.
Bruce Alger
phone: (403) 296-2970
balger@alger.ca
|
