September 23rd, 2009 by Questions
is it legal not to disclose my wife`s income
Posted from: Ontario
September 24, 2009 at 11:59 am, A licensed trustee said:
If you are filing bankruptcy or a proposal you are required to disclose all of the sources and amounts of income in your household. So, if you know your wife’s income you are required to disclose it.
If you don’t know your wife’s income you are expected to ask her – she is not required to tell you, but if it is not disclosed then the trustee is only permitted to allow you 50% of the normal threshold amount when calculating surplus.
For example, if there is just you and your wife and she won’t disclose her income to you then you are only entitled to 50% of the thresold for a single person ($1870/2 or $935) when your trustee determines your surplus obligation. The normal threshold if she does disclose for a family of two is $2328.
Log in to Reply
Please post a follow up comment below:
(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)
You must be logged in to post a comment.