Tax Debt For Old Company Do I Need To Do A Personal Bankruptcy

There are certain tax debts that the Directors of a company are personally liable for - GST and payroll deductions are the most common.  So if the debt is one of those and if you were a director of the company, the government can indeed garnish your wages and take other collection action against you personally.  In some circumstances, you can successfully defend yourself against being held personally liable for these debts, but we would need more information from you to be able to tell if this is even an option.  If the debt is for corporate GST or payroll deductions, a bankruptcy would clean that up for you.  You might also have other options that would work, such as a proposal to creditors or Fairness Legislation, or other things.  I would need to know more about your financial situation to be able to see if these would work for you. If you'd like more information, feel free to give me a call. Judy Scott Meyers Norris Penny Limited 604-949-2100 judy.scott@mnp.ca