St. John's Newfoundland Personal Bankruptcy Blog

monthly child tax credit and bankruptcy in Newfoundland

2008-10-21T11:06:00.003-02:30

Question: If a person files for bankruptcy....can they take away the children's child tax credit that they get monthly....???

Answer: No, if you are receiving child tax credits now, you will continue to receive them once you are bankrupt. However, when you are bankrupt, if your family income exceeds a certain amount, the amount you are required to pay while bankrupt, called surplus income, goes up. Your trustee can explain that process in more detail when you meet.

Conditional discharge.

2006-12-17T11:53:00.000-03:30

I'm in conditional discharge and I'm running into a bit of financial difficulty and my brother is willing to cosign a loan and get me out of this financial difficulty and back on sound footing to being able to finish paying off my conditional discharge. Is this allowed?

what do i do

2006-09-09T01:17:00.000-02:30

i owe about 8000 dollars in credit like credit cards and phone bills i only work part time im still living home what do i do someone please tell me i cant afford to pay that

Separated and worried about the effects of bankruptcy on your spouse.

2006-07-07T17:14:00.000-02:30

Does this sound like you?
Heather Kates and her husband are separated. Heather's husband has some credit card debt in his name, and Heather has some in her name, as well as a co-signed loan for a car. Heather's husband is considering filing a proposal or bankruptcy but isn't sure how it will affect her and the kids. What will Heather be responsible for?

What can you do?
Effects on a family member are one of the most common concerns from those considering bankruptcy or a proposal. The debts that should be of concern are those that have been co-signed. If your husband or wife files a proposal or bankruptcy, they will be cleared of all debts; however, you will be responsible for any debts you co-signed. It is highly advised that you contact a licensed bankruptcy trustee to review this situation with you. To find a licensed bankruptcy trustee, click here.