Personal Bankruptcy Forum


Author:   Anonymous
Date:   May 1 , 2002
Question:  

1) What benefits comes with being discharged from bankruptcy?

2) What are the drawbacks of late discharge?

3) Can the Trustee receive your GST Tax credit? and Why?

4) How and when the "Automatic Discharge" occurs?

 


From:
 

Ann Clarke, Collins Barrow Limited
Date:   May 2, 2002
Answer:  

A discharge from bankruptcy releases you from most, if not all, of your unsecured debts. If you are not discharged you are still legally a bankrupt and subject to bankruptcy law, which your Trustee will explain to you.

The Trustee will receive your GST credit while you are bankrupt as it is considered to be an asset under bankruptcy law.

An Automatic Discharge occurs at the end of the 9 month bankruptcy period if all duties have been performed and there are no objections to the discharge. Again, the Trustee will explain the process in detail before you file.

Ann Clarke
phone: (403) 296-2972
aclarke@moneyhelp.ca




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