Bankruptcy next step

NEXT step

Keep going...
You understand
you need to do
something.
Review your
Income and
Expenses and
this will point you
toward a solution.

Bankruptcy Info Services

Family Expenses

Dining/Lunches/Restaurant
Alcolhol
Entertainment/Sports
Gifts/Charitable donations
Allowances
Prescriptions
Dental
AHC / Extend Benefits
Food / Grocery
Laundry / Dry-cleaning

Rent/Mortgage
Property Taxes/Condo
Heating/Gas/Oil
Telephone
Cable
Electricity
Water
Furniture
Smoking
Secured Creditors

Grooming/Toiletries
Clothing
Car Lease/Payments
Vehicle Repair/Maintenance/Gas
Public Transportation
Vehicle Insurance
House Insurance
Furniture/Contents Insurance
Life Insurance

Family Expenses

Net employment income
Net pension/annuities
Net child /spousal support
Child Tax Benefit
Net EI benefits
Net social assistance
Self-employment income

The best way to determine which option is best suited to your circumstances is to calculate your family unit's "Monthly Surplus Income" (MSI). This amount is determined by subtracting your monthly living costs (prior to making debt payments on unsecure debt) from your family unit's income. Then by comparing this MSI number to the total amount of your payments (credit cards, store cards, loans, lines of credit, over draft, etc.) you can see which option needs further investigation.

Surplus Income

If your MSI is now positive
then look at:

Creditor Arrangements
Credit Counselling
Financial Loans
Orderly Payment of debts

If your MSI is negative then
look at:

Consumer Proposal
Assignment in Bankruptcy

Monthly Surplus Income EQUALS
Total Income LESS Living Expenses

NEXT step