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pensions

I am over 65 and have only pensions and government pensions as income. If I declare bankruptcy will the courts take a portion to pay my debts?

Posted from: British Columbia

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One Response to “pensions”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

If you are concerend about having your pensions liquidated, the are most likely exempt and protected when a banruptcy is filed.

However, if you are referring to the cost of your bankruptcy, it has noting to do with the nature of your income, but will fluctuate based on the total net income your receive each month.

Essentially what happens is that there is a minimum cost of a bankruptcy that is set by the trustee’s office and then each trustee in Canada is sent the Superintenden’s Surplus Income guideline which determines a) whether or not you qualify for the minimum and b) if you don’t qualify for the minimum what the monthly payment you must make will be.

For more information you are best to contact licensed trustee directly.