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Writing a budget for your bankruptcy assessment is fairly simple, but you will need to set aside 2-3 hours to do a realistic budget if you live anything over a basic lifestyle.
Write out a list of all your family’s income, including earnings from full and part time work, child tax credits, employment insurance, dividends paid by stocks, alimony, child support, pensions, etc.
Now make a list of your fixed expenses such as rent/mortgage, any insurance policies or extended health care, property taxes, yard and house maintenance costs, condo fees, monthly medical/therapy costs, car payments, bus passes, utilities such as cable, internet, basic phone service, payments on loans, minimum credit card payments, etc.
Finally (and this is a little harder), make a list of your non-fixed expenses. Be realistic in figuring out how much you spend on them each month. Ideally, you might even want to collect and keep receipts for a full month to see exactly where you spend your money.
Non-fixed expenses include groceries, entertainment, clothing, long-distance and cell charges, gas, taxis, restaurants, dry cleaning, grooming, cigarettes, the ‘coffee and gum’ habit, electricity, and other common expenses.
IN THIS SECTION
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- Why did my trustee
tell me to file all outstanding tax returns?
- I’m declaring
bankruptcy because of taxes. Is this allowed?
- Will I
still owe my student loan after bankruptcy?
- I can’t afford
to pay back my student loan and it’s been less than seven years
since I left school-what are my options?
- How long does bankruptcy
last?
- Can I keep my car
during bankruptcy?
- Can I keep
my RRSP during bankruptcy?
- Can I keep
my home if I declare bankruptcy?
- Will
I still be able to rent an apartment or home if I declare bankruptcy?
- Can I
keep a credit card during bankruptcy?
- Is
it okay to use a credit card if I am thinking about bankruptcy?
- Can I
get a checking account after bankruptcy?
- I
co-signed on a loan for someone who declared bankruptcy. What happens
now?
- If I’m
married and I file for bankruptcy, does it affect my spouse’s
credit?
- If my spouse
declares bankruptcy and I am listed on their credit cards, am I responsible
for the debt?
- I am divorced
and my ex has declared bankruptcy. Do I still owe for debts and credit
cards that I co-signed with my spouse?
- If I file
for bankruptcy, will it be noted on my spouse’s credit file?
- Will filing for
bankruptcy affect my job situation?
- Who will find out about
my bankruptcy?
- Can I get utility services
(telephone, cable, hydro, gas, etc.) after bankruptcy?
- Can I keep
any money if I declare bankruptcy?
- What is surplus income?
- Can I go to jail
for not paying my debts?
- The
collection agency is threatening to take me to court: can they do
that?
- What happens
if a collection agency takes me to court?
- I am behind on my debt
payments; can a collection agency take my furniture, electronics,
clothes, etc.?
- I am
being harassed by a collection agency: what can I do?
- Can I stop a wage
garnishment?
- How do
I find out if someone is bankrupt?
- What is Chapter 7 bankruptcy?
- What is Chapter 13
bankruptcy?
- What happens if
I live in both Canada and the U.S. and declare bankruptcy?
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