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Author:		tf
Date:		October 12, 1999
Question:		Revenue Canada is re-assessing me on the sale of a personal business that fell through and they are also considering levying a 50% penalty on the additional income they are assessing me. What effect would bankruptcy have on Revenue Canada's claims?
From:		Shane Brenneis, Collins Barrow Limited
Date:		October 18, 1999
Answer:		Revenue Canada debt is included in a bankruptcy and once you have filed bankruptcy there is a stay and they can no longer collect against you. If you own property, such as a personal residence, they can place a lien on the property and if this happens, they become a secured creditor and the debt cannot be discharged. Therefore, you will want to find out your options sooner rather than latter. You should contact a Trustee in your area by looking in the yellow pages under "Bankruptcy" to obtain a free assessment of your financial situation. If you have any further questions or want to come in for a free assessment to our office, please call or email me using the information below. Shane Brenneis phone: (403) 298-1575 sbrenneis@collinsbarrow.com