Surplus income and student loan income question

Category: Bankruptcy Q&A

Question: I am considering filing for bankruptcy in Canada and wanted to know if my spouse’s (who is currently a student at university ) student loan monies are considered to be family income in the calculation for my surplus income?

Answer: A loan is not considered income, because it has to be repaid.

So, for example, if you are bankrupt and your wife receives a loan of $5,000 this month, that $5,000 is NOT part of your income for purposes of calculating surplus income.