propsal and bankruptcy

February 21st, 2009 by Questions

I owe around $90 000 and my husband owes $64 000 in unsecured debt. Is it possible for one spouse to claim bankruptcy and the other do a consumer proposal. We only have 1 credit card that is joint. how would surplus income be calculated with this situation. Also when calcualating debt for a consumer proposal do you have to include how much you owe on a vehicle????

Posted from: Alberta


One Response to “propsal and bankruptcy”

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

Yes it is possible to for one spouse to claim bankruptcy and the other to do a consumer proposal. As for how surplus is calculated, you take the total household net income, subtract off the amount that is allowed from the Superintendent Guideline, divide by 2 and then multiply by the percentage of household income that the spouse looking at the bankruptcy makes. A better breakdown of this is available at the following link:Superintendent Surplus Income.

In terms of calculating whether or not you qualify for a consumer proposal you must use all non-mortgage debt. So the vehicle loan would be included.

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