Will this affect my spouse?

The debts that you have incurred do not become the responsibility of your spouse unless your spouse has guaranteed your debts in some way (signed a personal guarantee, joint credit cards or line of credit etc.) This applies to anyone who has guaranteed your debts. Your spouses credit rating will not be affected and their debt is not included in your bankruptcy process

Do I have to report my monthly Income to my Trustee? Does my spouse have to report?

For each month that you remain in bankruptcy you will have to disclose your family income to the trustee and provide a proof of that income by either submitting pay slips or copies of bank statements etc. The Superintendent’s Guidelines anticipate that the entire family unit will be disclosing their income. If your spouse refuses to disclose his or her income, then the guideline amount is reduced by 50%.

In practice the Trustee will help you review your average family income and set a projected monthly commitment you will have to pay to the Trustee on a monthly basis for each month that you remain in bankruptcy. As the bankruptcy progresses, you will fill out and submit a Monthly Statement of Income and Expenses which will disclose your actual income and expenses incurred. If your income varies significantly from what was projected at the beginning, then your payments are adjusted accordingly.

©2017 - C. E. Craig & Associates Inc.

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