Debt Problems? Talk to A Bankruptcy Canada Trustee.

One asset that is affected by a personal bankruptcy is income tax refunds.  The law requires that Canada Revenue Agency (CRA) send the trustee income tax refunds for specific years so that the refund can be included in the proceeds available to the creditors. Let’s consider three different periods of time:…

Note: the question in this article contains old surplus income limits. Click here to review the updated limits. Question: If I file bankruptcy in Canada, does the surplus income test apply at the household income level or the individual level when only one party is going bankrupt? If the bankrupt…

Click here to review the most recent surplus income limits. Question: My income is $3200 take home per month, I am separated from my wife but I pay her $500 per month spousal support and $815 per month in child support, how would the surplus income work for this situation?…