Surplus Income Calculation

August 22nd, 2012 by Questions

I will likely have to go bankrupt soon. My wife is not employed and not going bankrupt but is receiving monthly re-payments of principal only she is owed on a loan. Will this money be classified as “income” by my trustee for the purpose of determining what our surplus income is?

Posted from: Ontario


One Response to “Surplus Income Calculation”

, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

You will need to discuss this with the trustee as there will be a little bit of professional discretion that will need to be exercised. But I would perceive this as an asset that belongs to your wife (i.e. it is essentially an accounts receivable that she is collecting on). Therefore as long as your wife is not going to be filing for bankruptcy I wouldn’t see how this would impact your bankruptcy or your surplus income calculation.

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