Self-Employed Spouse not filing for bankruptcy with me
June 23rd, 2011 by Questions
I want to file for bankruptcy. My husband is self-employed and I babysit during the day (no employer). My husband it not filing for bankruptcy. How would my surplus income be calculated considering he is self-employed?
Posted from: Alberta
One Response to “Self-Employed Spouse not filing for bankruptcy with me”
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.
June 23, 2011 at 10:59 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
There are two way you can calculate surplus income.
The standard way is that you simply base it on your percentage of the household income (and if you follow this link: surplus income obligation you will find a couple of examples).
The other way is that you can refuse to disclose your spouses income. This is a little more difficult and involveds reducing the monthly allowable for the family size by 50%. As it is a little more complicated I would recommend you contact a local trustee directly and they will explain how this second options works, although be careful as in many situations refusing to disclose a spouses income actually dramatically increase your cost of a bankruptcy.