Free Consultation

Surplus calculation in bankruptcy

My wife has accumulated 30,000.00 in credit card debt over the past five years.
Much was cash advance for gambling.
She will soon no longer be employed and I
will not pay these debits. I am not named on these accounts and I suggested she claim bankruptcy. My question is, `when she claims bankruptcy and the trustee considers household income for the purpose of determining what will be paid to the creditors, will my income be used in this calculation to pay them?`

Posted from: Alberta

One Response to “Surplus calculation in bankruptcy”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

If your wife files for bankruptcy your income is included for the purposes of calculating any surplus, but it is indirectly factored out of the calculation as well. Essentially you take your total household income, subtract by the amount allowed under the Superintendent Guideline, divide by 2 and multiply by your wifes percentage of the household income. A good example of this can be found at the following link: /surplus-income-calculation .