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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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determining expenses and income while bankrupt

I want to declare bankruptcy or negotiate a consumer proposal in the near future. I have a substantial debt load.I earn approx. $60,000 a year . I also receive approx .$ 30,000 a year for living expenses from my company.I stay in a hotel for more than 300 days a year and all my meals are expensed. When I am home I stay with my parents . I basically have no personal living expenses but for my vehicle.How will a trustee determine what my income is ? I don’t get money from my employer ,they just pay my living expenses. I have a company credit card . Will I be able to use this card if I go bankrupt. When I have paid off my debt in a few years and then start the process of rebuilding my credit . Would I include my expense money as income when I apply for credit ? Thank you

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One Response to “determining expenses and income while bankrupt”

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

I don’t see any problem with you keeping the credit card as longs as the account is held by your employer and you are not listed as a joint or co-borrower. As for what income to include when making a credit application, this would not include expense reimbursements as these aren’t new monies they are simply to replace personal monies you spent as required by your employer.

I recommend reviewing these issues when you sit down with your trustee just so that he is aware of what is taking place.