[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/rkillen.ca\/will-bankruptcy-affect-my-income\/#BlogPosting","mainEntityOfPage":"https:\/\/rkillen.ca\/will-bankruptcy-affect-my-income\/","headline":"Will Bankruptcy Affect My Income?","name":"Will Bankruptcy Affect My Income?","description":"Some people\u00a0assume that if they file for bankruptcy they will have to turn over all their income to the trustee. Not true. But there are other concerns people have over their income. A question we\u00a0are often asked is: Will bankruptcy\u00a0affect my income? Will I lose any of it\u00a0to the\u00a0trustee or creditors?\u00a0The answer is: maybe, but […]","datePublished":"2014-06-14","dateModified":"2023-04-21","author":{"@type":"Person","@id":"https:\/\/rkillen.ca\/author\/admin\/#Person","name":"admin","url":"https:\/\/rkillen.ca\/author\/admin\/","identifier":2,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/9802e0bea345b33afa85a53646482da09b2d7944429d88b59778b5d3e1c3dd14?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/9802e0bea345b33afa85a53646482da09b2d7944429d88b59778b5d3e1c3dd14?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Richard Killen and Associates","logo":{"@type":"ImageObject","@id":"https:\/\/rkillen.ca\/wp-content\/uploads\/2016\/08\/landscape-logo-12345-for-web.png","url":"https:\/\/rkillen.ca\/wp-content\/uploads\/2016\/08\/landscape-logo-12345-for-web.png","width":600,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/rkillen.ca\/wp-content\/uploads\/2020\/07\/getting-a-mortgage-after-a-consu.jpg","url":"https:\/\/rkillen.ca\/wp-content\/uploads\/2020\/07\/getting-a-mortgage-after-a-consu.jpg","width":100,"height":100},"url":"https:\/\/rkillen.ca\/will-bankruptcy-affect-my-income\/","about":["Bankruptcy","Finances"],"wordCount":346,"keywords":["income","surplus income","toronto bankruptcy"],"articleBody":"Some people\u00a0assume that if they file for bankruptcy they will have to turn over all their income to the trustee. Not true.But there are other concerns people have over their income. A question we\u00a0are often asked is: Will bankruptcy\u00a0affect my income? Will I lose any of it\u00a0to the\u00a0trustee or creditors?\u00a0The answer is: maybe, but probably not.The\u00a0fact is after going bankrupt people often find they now have \u201cfree income\u201d for the first time in years. This is because\u00a0they no longer have a\u00a0long list of debts to pay every month.When a person goes bankrupt, they are basically saying they can\u2019t pay all their debts. They may be able to pay their rent and utilities and put food on the table, but they can\u2019t do that\u00a0and\u00a0pay their credit cards and other loans. However, the moment they go bankrupt and get\u00a0under the\u00a0legal umbrella,\u00a0those same creditors can no longer demand money from them, so they may actually have money to spare.Now it is possible that person\u2019s income maight be affected, but only\u00a0if they are making such a substantial amount every month that, in fairness to the creditors, a portion of their surplus should be\u00a0set aside\u00a0for the creditors\u2019 benefit. But this only applies after all the necessities are taken care of, so it is not such an onerous thing and most people have no problem with it. In fact it helps people feel better about having to go through the whole process in the first place.There is\u00a0actually a\u00a0formula\u00a0for\u00a0working this out and the trustee will explain it all\u00a0before you make the decision to file the bankruptcy. It\u2019s just one of the many questions\u00a0that a visit to the trustee clears up.Most people don\u2019t necessarily think of it this way, but the process\u00a0goes directly to\u00a0 restore\u00a0your\u00a0control and give you an empowerment\u00a0over your own affairs. This is\u00a0one of the main goals and purposes of the bankruptcy laws."},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Will Bankruptcy Affect My Income?","item":"https:\/\/rkillen.ca\/will-bankruptcy-affect-my-income\/#breadcrumbitem"}]}]