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Surplus Income calculation and shared custody

Hi. I am trying to decide if I should declare bankruptcy or file a consumer proposal.

I am recently separated and my ex and I share custody of our 2 children. I also have a child from a previous relationship. What I`m wondering is – will I be considered a family of 4 or 3 since I only have my other 2 half the time?

Thanks!

Posted from: Ontario

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One Response to “Surplus Income calculation and shared custody”

A licensed trustee said...

The first question your trustee will ask is/are you paying support for the children? If you are then it is not considered joint custody. If there is no support and you have the children 50% of the time then likely you’ll be considered a family of 3: yourself, your child from the previous relationship, and 50% of the two kids from your more recent relationship.

Your trustee will review all of this in detail before you file so you understand how your family situation will be treated during your bankruptcy.