Comments for Fresh Start Now

Comment on How does bankruptcy affect my spouse in Canada? by Kathy Lenart

Kathy Lenart — Thu, 06 Jun 2024 12:01:35 +0000

In reply to Sara.

Hello Sara
You have to add the income from his pre and post bankruptcy return together to report his full income for the year on your return. If you used his last pay stub, you are likely fairly close.
Regards
Kathy

Comment on How does bankruptcy affect my spouse in Canada? by Sara

Sara — Wed, 05 Jun 2024 17:57:59 +0000

Hi there, I am self-employed and I always file my taxes separately from my spouse. He hadn’t had his taxes completed by the time I needed to file so I had to use his pay stubs to estimate his income. The problem is that he filed for bankruptcy in 2023, so they submitted a pre-bankruptcy and post-bankruptcy filing for him. My question is which income do I use for him on my taxes, his pre or post bankruptcy income tax forms? I need to update my filing asap with this correct information. Thanks.

Comment on What happens if my circumstances change after filing a consumer proposal? by Kathy Lenart

Kathy Lenart — Wed, 29 May 2024 18:41:39 +0000

In reply to yuki.

Hello Yuki
There would still be a minimum fee to file an assignment in bankruptcy and the trustee would have to analyze if you had realizable assets to settle or were obligated to make surplus income payments. The payments under your consumer proposal do not reduce these amounts.
Please feel free to contact me directly to discuss further.
Regards
Kathy

Comment on What happens if my circumstances change after filing a consumer proposal? by yuki

yuki — Tue, 21 May 2024 15:02:25 +0000

In reply to Kathy Lenart. Would that mean that you would still have to pay an amount for the bankruptcy? or does that take into account what you will pay in the bankruptcy and owe less?

Comment on What happens if my circumstances change after filing a consumer proposal? by Kathy Lenart

Kathy Lenart — Wed, 15 May 2024 01:14:36 +0000

In reply to Koral.

Hello Koral
The administrator of the proposal will either distribute the funds on hand or pay them over to the trustee in your bankruptcy.
Regards
Kathy

Comment on What Does it Mean to be an Undischarged Bankrupt? by Kathy Lenart

Kathy Lenart — Wed, 15 May 2024 01:13:59 +0000

In reply to Josh.

Hello Josh
I recommend you reach out to the trustee who administered your bankruptcy. You will likely be obligated to make surplus income payments for a specified period of time (21 or 36 months) depending on if this was a first or second bankruptcy filing.
Regards
Kathy

Comment on What happens if my circumstances change after filing a consumer proposal? by Koral

Koral — Mon, 06 May 2024 17:29:00 +0000

What happens to the money paid into the proposal if you switch to a bankruptcy

Comment on What Does it Mean to be an Undischarged Bankrupt? by Josh

Josh — Thu, 02 May 2024 06:13:20 +0000

In reply to Kathy Lenart. If I have an undischarged bankruptcy after 6 years and I want to get discharged will I have to pay my surplus income for the past 6 years?

Comment on What Does it Mean to be an Undischarged Bankrupt? by Kathy Lenart

Kathy Lenart — Sun, 07 Apr 2024 00:01:40 +0000

In reply to Manoo.

Hello Manoo
A consumer proposal should be reported on your credit report under insolvencies as a consumer proposal. The credit bureaus sometimes categorize it as a bankruptcy and I recommend you follow up with the credit bureau directly to correct.
Regards
Kathy Lenart

Comment on What Does it Mean to be an Undischarged Bankrupt? by Manoo

Manoo — Tue, 26 Mar 2024 21:30:49 +0000

is consumer proposal categorized under discharged/undischarged bankrupties