FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

"*" indicates required fields

Company

This field is for validation purposes and should be left unchanged.

Name*

Phone Number*

Email*

This field is hidden when viewing the form

What's the best time to contact you?*

Location*

What city do you live in?*

Total Unsecured Debt*

*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

This field is hidden when viewing the form

Source

How can we help you?

If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

Agreement*

I understand that Bankruptcy-Canada.ca does not provide debt relief services directly and agree to securely share this information with a local Licensed Insolvency Trustee (LIT) for a free, confidential consultation.

Select Trustee By Province

Deficit on Income And Expenses Statement

My monthly expenses are about $1200. My income is low and irregular. One month it may be $1700 and I run surplus (I save $500), another month it may be only $800 and I run deficit (I spend $400 of my savings).
Should I include my savings from previous months (as well as savings on the day of bankruptcy) as income on each Income And Expenses Statement, so there is never a deficit ?

Share this post:

X (Twitter) Facebook Pinterest LinkedIn Email

One Response to “Deficit on Income And Expenses Statement”

A licensed trustee said...

This is something that you should discuss with your trustee.

In our practice (which is based in Ontario) we instruct our clients to record all of their income and expenses on a CASH BASIS. That means you record income in the month that you receive it and expenses in the month that you pay them. If you are able to save money that’s great.