earnings before bankruptcy

April 29th, 2013 by Questions

I am a licenced real estate agent but besause of health issues, have had no income in over a year. I have debts in excess of $200,000 including about $90,000 to CRA and $65,000 in a judgment to a major bank from a credit card. I am now well enough to return to work but as I approach my 65th birthday, am looking at how much I would need to earn to pay these debts or even if I could ever do so. I do not have any assets as all are in my wife’s name. Is there ant point in me earning any income prior to filing for bankruptcy? Would earning a commission now make my situation worse? If I file, how long will it be befiore I can earn a commisssion?

Posted from: Ontario

Questions

One Response to “earnings before bankruptcy”


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

There is no restriction on when you can or cannot earn a incoe / commission. Now your level of income is used to determine the cost and length of your bankruptcy, but you will be much further ahead than trying to make arrangements directly with your creditors, simply due to the size of your debt. I would recommend you contact a local trustee to run through the details of the formula that is used to deremine what your cost would be if you do start back at work.

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.)