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?

Agreement*

I understand that Bankruptcy-Canada.ca does not provide debt relief services directly and agree to securely share this information with a local Licensed Insolvency Trustee (LIT) for a free, confidential consultation.

Comments

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

Select Trustee By Province

What’s considered “income”?

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.

Share this post:

X (Twitter) Facebook LinkedIn Email

One Response to “What’s considered “income”?”

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.