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common laws income

why do i have to claim my common laws income on my bankrucpy when she is not filing

Posted from: Alberta

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One Response to “common laws income”

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

You don’t always have to list your spouse or common law parnter’s income when filing a bankruptcy. There is a small section of the Bankruptcy and Insolvency Act that provides an alternative. Should you “refuse to disclose,” their income there is a work around. There is an alternate way to calculate surplus income that ultimately does not include your partner’s income, but it also only allows you 50% of the threshold amount (i.e. if there are 2 people in the household your threshold amount pursuant to the Superintendent’s guideline is $2345.00, if you refuse to disclose then the number you would use is $1172.50).

I find that the problem with using this it your often end up paying more (sort of a penalty for refusing to disclose the information) but it is definately one option you can discuss with your trustee.