Living With Parents/Income Limit

September 3rd, 2009 by Questions

I have a question. I am currently living with my mom and I pay half of everything. Such as the rent, food, etc. My mom has a very good government pension, and now works at an insurance company. So she is very well off compared to me.

I earn less than $1797 net pay a month which I believe is the limit. I have absolutely no assets. Is my limit still $1797 in this situation?

My second question is if I declare bankruptcy, because I am under the monthly limit, does that mean if I have $500, $600 left over, I am allowed to keep it? After paying the trustee fee of course.

I would really appreciate an answer. I searched all day for this with no luck.

Thanks

Posted from: Ontario

Questions

One Response to “Living With Parents/Income Limit”


September 04, 2009 at 9:07 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

I would view yours and your mothers relationship essentially one of roommates as neither of you are dependent or support the other financially, all that you do is share expenses. As a result you would not include your mothers income when doing the surplus income calculation and you would utilize the allowable limit for 1 person in the household.

In terms of savings, if you are making your necessary required by the bankruptcy then there is no problem with you saving money.

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