Canada Bankruptcy - Late Fees

Bankruptcy Canada Questions & Answers

Author:		Anonymous
Date:		January 7, 2009
Question:		How exactly is the income determined for a person in bankruptcy? I am a single person, however, I am helping my parents who are currently not working, so I consider them as my dependents. What is the calculation based on, as to how much I get to keep per month and how much I have to pay to the bank? Thank you.
From:		Karen Alger & Associates Inc. - Alberta Bankruptcy Trustee
Date:		March 31, 2010
Answer:		If your parents are dependants then you must include their income in your calculation each month during the bankruptcy. It may be non-existant but if you elect to claim them as dependants then that will be the status throughout the bankruptcy. The standards are as follows: 1883 - Single, 2345 family of two, 2883 family of 3 etc. The payment calculation is essentially 50% of any amount over the standard. Karen Rideout phone: (403) 296-2973 Alberta Bankruptcy