When You Owe Money

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Find out more about the process and consequences when you owe money to the Canada Revenue Agency.

Many people who file for bankruptcy get to stay in their home.
In Newfoundland and Labrador, you can keep your RRSPs – even if you file for bankruptcy.
Many people who file for bankruptcy are able to keep their vehicle.
Most bankruptcies are NOT published in the newspaper.

Student loans can be included in a bankruptcy if they are more than seven (7) years old.
A consumer proposal is an alternative to bankruptcy that can only be filed with a licensed trustee in bankruptcy.
In NL, people ages 30 to 39 years old file for bankruptcy more than any other age group. [source]