Most Recent 'Cost Of Bankruptcy' Posts

Going Bankrupt & Your Spouse If you’re in a marriage or common law relationship and you decide to declare bankruptcy in Quebec, your spouse won’t be held responsible for any debt of yours that your spouse didn’t sign a contract or agreement to share. Your creditors may decide to try to recoup owed monies from […]

How Surplus Income Impacts the Bankruptcy Process Surplus income in bankruptcy is a crucial issue. It’s essential to understand how income levels can impact a bankruptcy claim. In Quebec, there are precise levels of income past which they can affect your proceedings. If for any reason, your income goes beyond a threshold during your bankruptcy, […]

You are not alone if you cannot pay your bills. Almost every person in Quebec reaches this point at least once during their lives. Like many other Canadians bills can get ahead of you. If you are not careful you could end up using a low interest credit card to pay off higher interest debt […]

How Long Will My Bankruptcy Last in Quebec? Bankruptcy is a method of relief to debtors who are struggling to repay long term debt. However, in many cases, the process of insolvency can have long term effects. We are here to explain everything you need to know about the lasting effects of bankruptcy. We’ll explore […]

How to Calculate Surplus Income in Bankruptcy Family unit of 2 Surplus Income Adjustment Calculation Bankrupt’s net monthly income: $3,300 Second family member’s net income: $1200 Total family income unit: $4,500 Government income threshold for a family unit of 2: $2,743 Income over the threshold: $1,757 ($4,500 minus $2,743) The trustee will calculate the percentage […]

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