Hello, my husband and I currently own our own home and CRA has filed a lien against our property in my husbands name for $25,000. If we were to file a bankruptcy in Alberta will this lien be included in our bankruptcy debt? Or will it survive a the bankruptcy?
Tax lien
Posted on Monday, November 6, 2006
posted by Questions @ 9:40 pm
1 Expert Comment:
At November 7, 2006 |
9:35 am
, Barton Goth, GCO Inc. Bankruptcy Trustees Said...
If CRA has registered a lien, they are a secured. This is true, even if you file for bankruptcy, they now will legally have access to the equity in your home (up to the amount that is registered), regardless of bankruptcy. However, if they have a lien only in your husband’s name, they cannot seize anything belonging to the wife. But, if there is more debt owing to CRA you may want to contact a licensed trustee right away and look into filing either a consumer proposal or a bankruptcy as this will prevent CRA from being able to register on the remaining equity in the property.
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