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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.

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Types of income reported

What types of income must be reported in a bankruptcy?

Posted from: British Columbi

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One Response to “Types of income reported”

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

You are correct that during a bankruptcy you safe required to report your income to your trustee. The Bankruptcy and Insolvency Act stipulates that this must be your “total income,” so there really are no exceptions to this. it doesn’t matter if the income is taxable or not, what the source of this income is for. If you have more specific questions about this you are best to discuss this directly with a local trustee, and they will help you to better understand this component of a bankruptcy.