Question: If a single parent claims bankruptcy in Ontario and the kids are 18 and 21 going to school fulltime with part time jobs, is their income included in the amout to calculate surplus income?
Answer: Surplus income is based on the family unit. If your children are dependents, their income would be included. However, if they earn significant income from their part time jobs, you may not want to consider them as dependents for purposes of the bankruptcy.
To decide, contact a trustee and book a free initial consultation, and ask them to calculate your surplus income payments under both scenarios so you can decide which option is best for you.
Answer: Surplus income is based on the family unit. If your children are dependents, their income would be included. However, if they earn significant income from their part time jobs, you may not want to consider them as dependents for purposes of the bankruptcy.
To decide, contact a trustee and book a free initial consultation, and ask them to calculate your surplus income payments under both scenarios so you can decide which option is best for you.
Labels: bankruptcy Ontario, surplus income
posted by Questions @ 10:04 AM
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