Today 02/11/2012
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bankruptcy and cra

Question: in a bankruptcy, if there are only 2 creditors to be satisfied, one being CRA and the other party is a ‘common-law’ spouse, is it possible that CRA will not agree to the payout it will receive as set out by the bankruptcy trustee. That is, is it possible that CRA will ask for more money?

Answer: Any creditor can oppose your discharge from bankruptcy, and then attend a hearing in front of the bankruptcy judge to request that you make additional payments. They would have to have a good reason for making that request. Your bankruptcy trustee can explain in more detail whether or not that is likely to happen in your case.

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