South Asian Weekender Newpaper

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Surplus Income and Bankruptcy Discharge

Surplus Income and Bankruptcy Discharge When you file for Bankruptcy, you keep a sufficient amount of your income to live a “normal life”. The trouble is that the definition of a “normal life” is based on a cross-Canada average calculated by the Office of Superintendent in Bankruptcy. It starts with your net (after tax) take-home […]

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Consumer Proposal & Administrator’s Report

Consumer Proposal & Administrator’s Report I filed a Consumer Proposal and my trustee tells me that he has to file an Administrator’s Report. What is this? Your trustee is acting in this situation as the Administrator of your proposal. As such, there is a requirement under the legislation that he submits a report to your […]

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Bankruptcy and Debt Exclusion

Bankruptcy and Debt Exclusion What is debt exclusion from bankruptcy? A bankruptcy or proposal will get rid of most of your debts, but not necessary all of them. This is because certain debts are secured to your assets. The most common being a mortgage on your home or a loan on your car. If you […]

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