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how much to offer in a cp

My wife doesn’t want to cooperate in disclosing her income so I can go to a trustee to discuss a cp. Can I still file without her? How will that impact the amount I will have to offer?

Posted from: Ontario

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One Response to “how much to offer in a cp”

A licensed trustee said...

Your spouse is not required to dosclose their income to your trustee, but if you know her income you are…

The cost of filing for bankruptcy is based on your household size and household income. If your spouse doesn’t want to disclose thier income (and you don’t know it) then they are excluded from the calculation and you are only allowed 50% of the normal amount for a household of your size (minus one for your spouse).

This is important because when you offer a proposal to need to offer your creditors the greater of:

1) what they might receive if you filed for bankruptcy; and

2) an amount large enought to induce your creditors to accept your offer – currently in Onatrio that means about 1/3 of what you owe.

So, by not co-operating the amount you might pay in a bankruptcy may go up significantly and that will impact how much you have to offer in your proposal.