Business Bankruptcy Alberta
Tax debts appear in many forms, some relating to personal income taxes, whilst others might relate to a director’s liability for unpaid costs. They are generally seen as the major cause of financial difficulty, and when left untreated can lead to bankruptcy.
Bankruptcy is an option available to honest individuals and businesses who have found themselves in such a situation where they have no possibility of paying the debts they owe. It gives them a clean slate, wiping clean the majority of their tax and credit related debts, allowing them to enjoy a legal fresh start. However, this option is not available to everyone, and we are here to work with you and figure out whether bankruptcy is something you can successfully file for.
If left untreated, tax related debts can spiral out of control. With regular interest and penalties that must be paid, it can all add up to a significant amount that seems almost impossible to handle. The easiest way to avoid this is to ensure that your tax returns are filled in correctly each year, and handed in on time. However, if you find yourself in such a situation that you are unable to do so, there are certain exceptions that you might be able to claim.
Should you avoid Business Bankruptcy Alberta tax consulting companies can give you options. One of our primary aims is to work as a mediator for you, to make sure that you are getting the best help and advice possible. We will discuss the different options available to you, whether it is filing for bankruptcy or an alternative. If you try to handle it all yourself then you are likely to end up feeling overwhelmed and stressed out, which is not going to help your situation at all. However, by handing over the reins to us you can be sure that your financial difficulties will be handled in a swift and professional manner.
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