May 14th, 2012 by Questions
If I am seperated from my spouse and paying an agreed upon amout of child support, how is that amount calculated or adjusted if I declare bankrupcy? In other words, is there a set amount of child support that is exempt per child? Is school tution included or eligable as an additional exemption?
Posted from: Alberta
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May 14, 2012 at 3:07 pm, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
There really isn’t any adjustment to your child support due to the filing of a bankruptcy. But you subtract the amount of that support out of your income before the cost of bankruptcy is calculated. But this adjustment only pertains to the child support, school tuition or even equalization payments typically don’t have any impact on the cost of a bankruptcy.