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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Revenue

Is there a formula which is used to calculate what level of income an individual needs to keep for living expenses? I have a wife on maternity leave, and 2 kids. (Alberta)

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One Response to “Revenue”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

There is no set formula that deals with your family expenses. Now if you are referring to a bankruptcy situation there is a formula that relates to how much you are allowed to make to qualify for the minimum cost of a bankruptcy that is based on your monthly income, and the size of your family. For a family of 4 the allowable amount according to the 2005 guidelines is $3,223 after tax.

There are many rules related to surplus income, so you we strongly advise that you contact a licensed trustee in your local area to explain the calculation in detail before you decide to file for bankruptcy. If you have significant surplus income, in most cases a consumer proposal is a better option.