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Impact on surplus income

If husband and wife live under the same roof although they are each independent and decide the following owing to financial hardship: Wife decides to declare bankruptcy due to low income and husband decides to go with a consumer proposal due to high income. What will be the impact on the surplus income for the wife? Will household income apply to compute surplus income for the wife? If they decide to live under separate roof what will be the impact on the surplus income for the wife. Please note that each one is responsible for his/her own debt and there are no fixed assets involved whether single or joint. Thank you.

Posted from: Ontario

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One Response to “Impact on surplus income”

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

This really depends on the specifics of the living arrangements, but largely the surplus is calculated based on the bankrupts portion of the household income. There is also a way to do the calculation if one spouse refuses to disclose their household income, but that involves halving the amount that is allowable for the household and often results in a much larger monthly surplus payment. The best thing to do is to review this information with a local trustee and they will help you sort out what has to happen given your circumstances.