Wage assignments and garnishments are stopped once bankruptcy in Toronto is declared. The Licensed Insolvency Trustee in bankruptcy reviews the amount of your wages and your living expenses through monthly budgets for the nine months period of your bankruptcy. Your income is then compared to guidelines set by the Superintendent of Bankruptcy. A copy of the guidelines is available from the Trustee. If you have surplus household income, after taking into account income and dependants, a portion may have to be paid to the Trustee, who distributes it to your creditors.
How does bankruptcy in Toronto affect my wages?
More Questions Answered In Greater Detail
What factors determine if bankruptcy is the best solution for me?
Who will know about my bankruptcy?
Will it affect my spouse?
What happens with respect to my taxes?
If I go bankrupt, will I need a lawyer?
Will I ever be able to get credit again?
What is a Trustee?
Are student loans discharged in bankruptcy?
Contact Richard Killen
FREE No Commitment Consultation
Contact us now for a fresh start!
“Serving Toronto & the GTA for over 25 years.”
Recent Blog Posts
- How to Qualify for Installment Loans with Bad Credit in Canada
- Do Not Cash IN RRSP's To Pay Taxes Owed In Ontario
- Do You Owe Taxes Based ON CERB Benefits?
- File Your Return by April 30, Even If You Cannot Afford To Pay Taxes Owed
- Facebook Live Webinar: "Getting debt help: Where to go when you face financial difficulties"