2010-08-12
One of your duties as a bankrupt is to report your entire household’ income to your trustee so that your surplus income obligation can be calculated. It is then your obligation to pay the surplus income as calculated. Failure to the pay the required surplus income obligation will delay or possibly prevent your discharge from bankruptcy. In cases where the spouse refuses to divulge his or her income to the Trustee, the surplus income obligation is calculated without regard to the spouse’s income; however the threshold above which surplus income is calculated is adjusted appropriately. If your spouse is not a bankrupt, your trustee will not have access to his income information. However, at the time of filing of your tax returns of the year of bankruptcy, you will have to provide your trustee with your spouse’s net income. I would strongly suggest that you advise your trustee of your situation so that the issue can be properly addressed. Your discharge could be affected if your situation otherwise comes to the trustee’s attention.
2025-06-19
With the school year beginning and thousands of Canadian students beginning a new semester of post-secondary studies, all those hard-earned dollars from summer gigs are now being applied to tuition, books, transportation, housing, and supplies.
2025-06-18
The cost of daily goods has been rising over the past few years — increasing the price of food, gas, clothing, and many other essential items that Canadians need in their day-to-day lives.
2025-06-16
Bankruptcy Alternatives to Bankruptcy
Let’s review what a Consumer Proposal is, as well as the pros and cons of filing a Proposal, to help you determine if it’s the right solution for your unique situation.
