| Author: |
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Mike |
| Date: |
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July 29, 2002 |
| Question: |
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I owe over 10K to the Income tax man as well as 2.5k on 2 other credit cards. I am making the monthly payments on these cards and it's not hardship. As well I am leasing a car which I do make the payments on and am up to date on them. The problem is that I have child support to pay and can't get a loan to pay off the income tax debt. I also have about 25K in a LIRA (locked in retirement account. If I was to file for bankruptcy what would I potentially lose?
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From: |
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Ann Clarke, Collins Barrow Limited |
| Date: |
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July 29, 2002 |
| Answer: |
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Bankruptcy would deal with your tax and credit card debt. You can probably continue with the lease and keep your vehicle if the leasing company allows you to do so (which they usually do.) Your child support payments are not affected by bankruptcy. If the RRSP is a LIRA, then the Trustee can't touch it.
Ann Clarke
phone: (403) 296-2972
aclarke@moneyhelp.ca
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