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What happens to business profits while in personal bankruptcy?

My wife and I filed for bankruptcy last month. I want to start my own sole proprietor plumbing contracting business. Will the profits from the company be considered excess income? What ability will I have to buy more tools or rent equipment during bankruptcy?
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Posted from: British Columbia

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One Response to “What happens to business profits while in personal bankruptcy?”

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

Yes, the total profits will be considered excess income and will need to be considered when doing the surplus income calculation. Now this doesn’t mean you won’t be able to rent or purchases necessary tools and equipment to complete the required jobs, it simply means you must do this within reason. For more information you are best to contact your trustee.