As I stated in my blog post, 2015 Surplus Income Limits in Canada, during the bankruptcy period, you will be required to send your trustee a copy of your income and expense statements (i.e. medical expenses, child care, etc.) each month so the trustee can calculate your net income and determine if any surplus income payments are required. Your surplus income is then any amount that your net income exceeds the appropriate surplus income limit.
But, what about your spouse’s income?
Even if your spouse is not considering filing personal bankruptcy or making a consumer proposal, you still need to disclose their income. The reason that you’re required to disclose your spouse’s income is because they are part of your family unit. Their income forms part of your total family income and it affects your ability to pay creditors.
Your creditors cannot expect your spouse to pay them from their income.
However your spouse’s income is helping to reduce your living expenses and therefore means you should have the ability to pay more to your creditors.
If you’re considering bankruptcy, contact us today for a free, no-obligation consultation. We’re here to help you get a fresh financial start.
