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Alger & Associates personal bankruptcy services are
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Calgary bankruptcy Q&A forum

Question:

 

If my budget is less than my UNION PENSION and my CPP (early retirement)will the trustee seize the difference and apply it to my debts? Is the Trustee fee paid from the cash on hand or is it applied against my monthly income as stated above? My car is 22 years old. If I replace it before filing for bankruptcy, can the Trustee seize it and sell it?


From:

 

Grant Thornton Limited

Date:

 

Oct 06, 2016

Answer:

 

Hi George, The monthly income you are currently and will be receiving is reviewed in comparison to the Superintendent Standard. The amount above the Superintendent standard is viewed as "surplus" income. Half of the "surplus" income is the required amount to be paid into a bankruptcy. In Alberta, a vehicle with less than $5,000 in equity is protected in a bankruptcy or proposal option. Please do not hesitate to contact one of our professionals at 310-8888 to schedule a no obligation and no charge consultation to review the different options. We would be happy to answer any other concerns you may have.

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

 

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