What counts as income?

December 1st, 2008 by Questions

I am currently unemployed. If my parents pay my living expenses during bankruptcy, but do not actually give me the money directly, does this count as income?

Posted from: Ontario


One Response to “What counts as income?”

, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

Technically this is up to the discretion of the trustee, but likely the support you receive from your parents won’t make any difference in the way a bankruptcy would progress. Even if you have no income you still have a minimum amount that must be contributed into a bankruptcy, and then this amount will fluctuate with the level of income you bring in.

The best thing to do in this sort of situation is simply contact a local trustee directly and they will be able to explain this in more detail.

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)