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”
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.)
You must be logged in to post a comment.
February 21, 2009 at 11:52 am, 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.