2012-01-18
When a person files a bankruptcy they need to report to the Trustee the monthly income of all members of the household. Please watch the video or read below. The income of the household can determine whether a person needs to make an additional payment in the bankruptcy called a surplus income payment. This payment is calculated based upon the person’s portion of the total household income and the guidelines set by the Superintendent of Bankruptcy based upon the number of people in the household. Another impact to your spouse or family can come into effect where the spouse or family member has co-signed the loan. While the debt would be eliminated (discharged) against the person filing bankruptcy, the creditor would still have its rights to go after the co-signer for payment of the debt. For more information on how filing for bankruptcy may affect you or your loved ones, pleasecontact me directly or consult ourPersonal Bankruptcy FAQ.
2025-10-06
MNP Consumer Debt Index
Ontarians’ financial vulnerability is intensifying as persistent economic uncertainty, concerns about borrowing costs, and employment anxiety weigh on household confidence.
2025-10-06
MNP Consumer Debt Index
The financial vulnerability of Saskatchewan and Manitoba residents is intensifying as their financial cushions shrink and more households edge closer to insolvency.
2025-10-06
MNP Consumer Debt Index
Albertans’ financial vulnerability is intensifying as persistent economic uncertainty, concerns about borrowing costs, and employment anxiety weigh on household confidence.
