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adult children

If our adult children who are students with pt income refuse to participate in the bankruptcy surplus determination, will this be held against me and my wife in our joint bankruptcy?

Posted from: Ontario

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One Response to “adult children”

A licensed trustee said...

If your children refuse to co-operate with your bankruptcy a number of things might happen.

1) your trustee might decide to treat you as a family of two and ignore the children’s presense altogether. As a family of two your surplus income threshold will be lowered from $3413 for four people to $2286 for two;
or
2) your trustee might arbitrarily assess an income level for the children (in the few cases where I have done this I deliberately assess VERY high income as a means of motivating the people involved to co-operate;
or
3) your trustee could place the whole matter before the Courts – if it happens to be the Toronto Court then things would not go very well for the bankrupt…

If any of these sound harsh try to keep in mind that the purpose of the Bankruptcy and Insolvency Act is allow the honest, but unfortunate debtor relief from their debts. In exchange for this relief the bankrupt has certain responsibilities and obligations – one of those is to pay a portion of the family’s income over the surplus threshold to their trustee.

If you want relief from the debts then you have to play by the rules. If you aren’t prepared to do that then you really shouldn’t file for bankruptcy.