FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

"*" indicates required fields

Name*

Phone Number*

Email*

This field is hidden when viewing the form

What's the best time to contact you?*

Location*

What city do you live in?*

This field is hidden when viewing the form

Source

How can we help you?

Comments

This field is for validation purposes and should be left unchanged.

Select Trustee By Province

What is allowable household income for family of 3?

I have looked all over online, and could not find the allowable monthly amount a household of 3 can earn in a bankruptcy?

Also, how do they deal with the extra pay week everyone gets every 3 months (since there are 13 weeks in every 3 months) i.e. in November my husband will receive 3 paycheques (bi-weekly pay)? If the extra pay brings you over the allowable income amount, do you have to pay some of that into the estate?

Share this post:

X (Twitter) Facebook LinkedIn Email

One Response to “What is allowable household income for family of 3?”

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

There is no cap as to what you are able to earn in a bankruptcy, but the cost of a bankruptcy can fluctuate based on your monthly income and the size of your family. For a family of 3 the allowable amount according to the 2005 guideline is $2662.00 after tax.
To help account for fluctuating income the trustee’s office normally apply the calculation to your average family income over the duration of the bankruptcy.

There are many rules related to surplus income, so you we strongly advise that you contact a licensed trustee to explain the calculation in detail before you decide to file for bankruptcy. If you follow the â€œcontact an expertâ€ link on the side of the page you will be directed to a reputable trustee in your area who will be able to explain this at length.