Comments for

Comment on Ask a Trustee by Trustee

Trustee — Sat, 11 Feb 2012 02:41:25 +0000

Nancy: If he lived on his own, without financial help from you, you would not include his income or declare him as a dependent. Otherwise you would.

For the impact on the fees you will pay and how long you will be in bankruptcy please refer to:

http://www.bankruptcycanada.com/BankruptcyTermPredictor.php

Comment on Ask a Trustee by Nancy

Nancy — Sat, 11 Feb 2012 02:10:00 +0000

My son is 18 and lives with me. He has finished school and works part time. My question is ,if i go bankrupt and declare him as a dependent well his wages be considered as part of my household income? Do I have to declare him as a dependant?

Comment on Ask a Trustee by Trustee

Trustee — Fri, 10 Feb 2012 18:06:03 +0000

Shawn: The law generally restricts a garnishing order for wages to attaching or intercepting 30% of the wages. You may be able to reduce the amount of wages garnished by applying to the court.

If because of your personal financial circumstances, the garnishing order creates a serious hardship for you and your family, you can ask a judge or registrar of the court to release the garnishment and allow you to pay the judgment by installments. Contact the court registry where the order was issued, and make an appointment to have a hearing in front of the registrar. For a Small Claims Court judgment, you’ll probably appear in front of a judge.

Comment on Ask a Trustee by Shawn

Shawn — Fri, 10 Feb 2012 14:27:39 +0000

Shawn says:
February 9, 2012 at 10:53 am
Thanks for your reply! Another question. If a judgement is put on you for a loan and they go after wage garnishment do they automatically get 15% of your gross income taken directly from your paycheck or does the amount depend on how much you earn and your cost of living(bills,rent,food,travel,children etc.)? Who determines the amount?

Comment on Ask a Trustee by Trustee

Trustee — Thu, 09 Feb 2012 23:36:22 +0000

Lisa: Title passes when a person sells something to another person. So the purchaser owns the item and the seller owns the accounts receivable.

Comment on Ask a Trustee by Lisa

Lisa — Thu, 09 Feb 2012 23:19:32 +0000

If Business A sells a piece of equipment to Business B on credit terms of Net 30 days and Business B files for bankruptcy before the invoice was paid, what rights does Business A have to that piece of equipment? Is ownership automatically the seller’s (Business A)? Does Business A have right to take the machine back?

Comment on Ask a Trustee by Trustee

Trustee — Thu, 09 Feb 2012 16:54:36 +0000

Shawn: A person filing bankruptcy must give up any equity in his portion of the home over and above the provincial exemption.

http://www.bankruptcycanada.com/bankruptcyexemptions.htm

Comment on Ask a Trustee by Shawn

Shawn — Thu, 09 Feb 2012 14:07:55 +0000

In a bankruptcy by a co owner of a home how is the equity in the home and/or the mortgage affected?

Comment on Ask a Trustee by Trustee

Trustee — Wed, 08 Feb 2012 02:26:51 +0000

Karl: You didn’t read my answer, above, because the answer to your latest question is included in the link.

Comment on Ask a Trustee by karl

karl — Wed, 08 Feb 2012 00:16:30 +0000

How much is a family of 5 allowed per month before your considerd to have surplus income in Ontario