Bankruptcy Question & Answer Forum - Canada

Author:		Paula
Date:		May 17, 2005
Question:		My husband and I have 4 children. Can you tell me what our monthly income allowance would be in a bankrupcy? Is the child tax benefit considered income? What if we go over that allowance?
From:		Ann Clarke, Alger & Associates Inc.
Date:		May 17, 2005
Answer:		The 2005 monthly income standard for a family of 4 is $3,223.00 net. Child tax benefit is considered to be income. If the family income exceeds the standard then 1/2 of the amount over it must be paid to the Trustee. Ann Clarke phone: (403) 296-2972 aclarke@alger.ca