If you have tax debt and can’t afford to pay it, one option for dealing with this debt is to file a consumer proposal. Some advantages of filing a consumer proposal are:
There are two tax returns required with personal bankruptcy.
Filing personal bankruptcy deals with all debts which were incurred prior to filing.
MARCUS ASKED: Is it possible to make one-time payments to your Ontario Student Loan debt, without having to start paying monthly?
Personal debt issues are a common concern touching people everywhere.
What happens to student loans when you file for personal bankruptcy? Student loan debts will be eliminated provided that you have ceased being a full or part-time student for a minimum of 7 years, as at the date of filing.