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Alberta bankruptcy Q&A forum

Question:

 

If parents decided assist in helping to make mortgage payments to a child in Bankruptcy would he/she have to declare that as income in their monthly reporting? Thereby increasing their surplus income? Under an approved Consumer Proposal with no monthly reporting they would not have to report this and not affect the payment schedule??? Thanks


From:

 

Grant Thornton Limited

Date:

 

Sep 20, 2016

Answer:

 

Hello, No, family assistance is not factored in the calculation for surplus income. Unless your family was paying you for work performed. The consumer proposal payment schedule is typically based on your budget. Once the proposal terms are accepted then the payments should not change unless you request an amendment.

Susan Methuen
T 403-310-8888
susan.methuen@ca.gt.com

 

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