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.
2025-04-25
Debt collection can be a daunting experience for many Canadians. Navigating the process alongside MNP’s team of experts can help you better understand how it will impact your credit score and gain the knowledge needed to maintain your financial health well into the future.
2025-04-25
Bankruptcy
Filing for Bankruptcy is a significant decision that can provide a fresh start for Canadians overwhelmed by debt. However, it’s essential to approach this process with caution and awareness to avoid common pitfalls and make informed decisions to protect your financial future.
2025-04-24
Filing a Consumer Proposal can feel overwhelming, but it’s not the end of your financial journey.
