2025-09-26
Is some debt good for my company?
Lifestyle Debt Debt Solutions
Whether operating a small business, or large enterprise, there is a lot at stake for Canadian entrepreneurs.
2011-06-09
Hello, The Directive (11R2) in the Bankruptcy & Insolvency Act indicates that "it is necessary to establish the earnings and expenses of both the bankrupt and the bankrupt's family unit. The bankrupt must disclose the earnings and expenses of each member of the family unit by providing the Trustee with monthly income and expense statements for the entire period of bankruptcy." It also provides some clarity as to what constitutes a family unit: "in addition to the bankrupt, any persons who reside in the same household and who benefit from either the expenses incurred or income earned by the bankrupt, or who contribute to such expenses or earnings....." The Directive suggests that your daughter's income should be reported. This has always been an area of concern for Trustees and debtors alike in applying the surplus income Directive. It is recommended that you discuss your particular situation with the Trustee administering your bankruptcy. Brad Milne, CIRP Brandon, Manitoba
2025-09-26
Lifestyle Debt Debt Solutions
Whether operating a small business, or large enterprise, there is a lot at stake for Canadian entrepreneurs.
2025-09-25
If you are retired and have a large debt load, you may be considering filing for bankruptcy. You may also be wondering, however, what will happen to your retirement income and investments if you declare bankruptcy.
2025-09-25
Do you ever feel like no matter how much you streamline your budget, cut back on discretionary spending, and avoid impulse purchases — you just can’t seem to get ahead? The issue may not be your budget.