Can You Claim Bankruptcy With WSIB?
Bankruptcy and Workplace Safety Debt
When considering your options with respect to the Workplace Safety and Insurance Board (WSIB), there are some key things to think about.
The board itself is where business operators pay into a centralized insurance fund.
The premium amounts show up on the payroll and are managed in terms of accidents which occur in their business – a broad spectrum consideration across the province.
Dealing with the WSIB is mandatory for many industries – particularly those dealing with construction and other hands on trades.
It is important to know that WSIB dealings actually are eligible for inclusion in bankruptcy proceedings.
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Bankruptcy & WSIB
In the event that a person files for bankruptcy on a personal basis, the amount owed to the WSIB is a debt which can be proved.
This means that when the WSIB goes about filing claim proof, within the context of a bankruptcy, they have the same rights and responsibilities as all other creditors on file.
The good news is that, since they are deemed a creditor, they cannot pursue the debt once you file for bankruptcy officially.
A critical consideration is that a person needs to ensure that all WSIB filings are current prior to going through with their bankruptcy filing.
To learn more about how to do this, reach out to the WSIB directly or visit their website.
Should you find that you owe amounts to the WSIB which you cannot pay off, then it is best to discuss your options with a financial professional.
Reach out to a Licensed Insolvency Trustee to learn what routes are available to you.
They offer confidential and no cost advice that is contoured to your specific situation.
Take back the reins of your financial welfare and seek the counsel of an objective, skilled financial representative.
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