March 5th, 2013 by Questions
is cpp and old age pension subject to bankruptcy if the persons income is below poverty line
Posted from: Ontario
March 05, 2013 at 5:15 pm, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
When you file for bankruptcy your cost of bankruptcy is based on your total income. This total income would include cpp and old age pension. Now if you are below the poverty line you would qualify for the minimum cost of bankruptcy so your source of income wouldn’t make any difference. However, if your total income (including cpp and oas) put you above the allowable amounts set by the Office of the Superintendent of Bankruptcy, then you would be subject to the surplus income calculation like everyone else.
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