What’s considered “income”?
May 28th, 2006 by Questions
I have an annuity stemming from a car accident i was in as a minor. This is a structured term life annuity that is owned by the insurance company but pays me a cheque monthly. I’m approaching bankruptcy and I’m curious as to if this will be added in to my income and be surplus or because it is stemming from a personal injury disability claim it wouldn’t count.
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May 30, 2006 at 8:51 am, A licensed trustee said:
Yes, this is considered income for the purpose of determining whether or not you must make additional contributions to your trustee based on the surplus income standards.
Keep in mind that if you have on-going medical expenses they represent an offset against this income so the net effect may not be too bad.