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monthly child tax credit and bankruptcy in Newfoundland

 
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Posted on Tuesday, October 21, 2008

Question: If a person files for bankruptcy....can they take away the children's child tax credit that they get monthly....???

Answer: No, if you are receiving child tax credits now, you will continue to receive them once you are bankrupt. However, when you are bankrupt, if your family income exceeds a certain amount, the amount you are required to pay while bankrupt, called surplus income, goes up. Your trustee can explain that process in more detail when you meet.

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