Surplus

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cityfarmgirl88

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Surplus
« on: November 01, 2015, 12:44:03 PM »
If we decided to go thru bankruptcy. I have 2 older kids that is working part time. One go to university. And one just finished high school in June.  I have other 4 kids still in school?  With 2 kids working. Must be reported as income ?

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NotATrust-E

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Re: Surplus
« Reply #1 on: November 01, 2015, 10:28:34 PM »
Yes. You must include their income as part of the "family unit" income.

This is from Directive 11R2:

"In determining the bankrupt's personal and family situation for the purposes of subsection 68(3) of the Act, it is necessary to establish the earnings and expenses of both the bankrupt and the bankrupt's family unit...."

"For the purposes of this Directive, the bankrupt's family unit includes, in addition to the bankrupt, any persons who reside in the same household and who benefit from either the expenses incurred or income earned by the bankrupt, or who contribute to such expenses or earnings. A person who does not reside in the same household shall be considered as a member of the family unit if the person benefits from or contributes to the expenses incurred or income earned by the bankrupt."

 

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