A few questions re: when best to file, surplus income, leased assets

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Sorry everyone. I realized that I posted this is in the wrong area. Moved to "considering bankruptcy". I'm leaving this here because I would like to hear from people experienced with bankruptcy in these specific areas.

Im going to be filling bankruptcy and I have a few questions that I would very much appreciate some help answering. Thank you in advance!

  • I found out that I need to have a net income below $2062 to qualify for the expedited bankruptcy of 9 months with minimum payment. I'm pretty sure my net income has been below this, but how exactly do they calculate it? Is that after tax only, or does net mean after my rent/utilities/etc payments have been made?
  • I learned that I can not use my credit cards or any credit I intend on bankrupting. Given that I just learned about this information, how long must I not use is in order to qualify? I don't plan on doing any shopping sprees with my remaining credit. I just want to know how long to wait?
  • If I have work equipment that is on lease, how do I find out whether or not it qualifies as under bankruptcy. What do I look for in the contract to determine it?
  • If I have ongoing work with a client, can I transfer the remaining work to another company and let them bill the remainder of the work? Or will Can Reveneu go after that money?
  • I read that if I dont pay my GST/HST return in time, the gov can freeze my bank accounts and even inquire with my clients about money. Is that true? If they approached my clients and gave any hint that I was bankrupting, that would ruin my relationship with that client and undo potential business and my livelyhood. That scares me. Anyway to prevent that?

I have so many questions, but those are the top ones right now. Thank you very much guys. I"m just a nervous wreck because of this. Your feedback will help me.
« Last Edit: October 08, 2015, 12:42:46 PM by SillySally »


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