July 22nd, 2011 by Questions

My boyfriend is looking at having to claim bankruptsy. All his debts are his and his alone. We have nothing joint. My income is separate from his as well as my own debts. They are telling him that in order to do this that my income has to be included. Why? and if this is so, then I should be able to include all my bills per month into this budget right???? If they plan on taking surplus out of MY pocket when it is not my debt… then I should be able to include my bills in that budget as well. I can barely get by paying my own without having to pay someone else’s as well. Could you email me at the following.
Thank you

Posted from: Alberta


One Response to “Faye”

, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

The only reason this is required is because the legislation requires this information. However, there is a work around, where a debtor refuses to disclose the income of the other party in the household this can be done, but then the way the surplus income calculation is done is adjusted (i.e. your boyfriend only gets 50% of the threshold amount listed on the Superintendent’s Surplus Guideline).

The downside of doing this is that it usually results in a higher monthly payment, but that doesn’t hold true in all situation, it really depends on the specific income breakdown that you are dealing with.

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