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basic question

I am planning on filing for bankruptcy with my debts from my divorce(ext. 85,000)however the only thing that i presently own is my new pc that is worth over 3,000 which i am paying back which i do not want in my in my claim and my student loans, which will help me build my credit back up. I just make enough money to servive and pay my basic bills. i make about 1200-1400 a month on min wage jobsand i have no spare cash. I am common law right now so I am wondering how much money I can make? also my account is in a different bank then the debts. what do I do?

Posted from: New Brunswick

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One Response to “basic question”

A licensed trustee said...

So you’ve asked two or three differnt things – normally we’d delete this type of question simp;y because we don’t have the space or time to respond properly. I’ve posted yours so that I can post this reminder – keep your questions simple and concise. We’re happy to help, but you won’t get detailed answers from a free website…

So, your computer – if it is a secured debt you may continue to make the payments and it will help to rebuild your credit rating. If it is an unsecured debt you may not make the payments, but you get to keep the computer anyway. Ask whatever trustee you deal with to explain this to you.

Student loans – most student loans don’t appear on your credit report so they don’t help or hinder your credit rating. If you have been out of school for 7 years your student debt will be dealt with in your bankruptcy. If you have not been out of school at least 7 years then your student loans will survive the process and you may continuen to make payments if you want to.

How much can you make: the income test is based on total household income and the number of people in the household. If you are living common law now then your current spouse’s income will be factored in, as well as yours. This is something else to discuss with your trustee BEFORE you file.