Will I have to make excess income payments if I go bankrupt?

During your bankruptcy process, you may have to make excess income payments. These payments are intended to pay creditors as much as possible without ruining the bankrupt person. Surplus income payments depend on your income. The more money you make during your bankruptcy, the bigger your surplus income payments will be.

How much would I have to pay?

Image result for how much The Government of Canada regulates the bankruptcy process at all levels, including the amount of surplus income payments that a bankrupt person is expected to pay. The government is not trying to take away the entire income of a bankrupt person. They have created income thresholds that allow people in bankruptcy to maintain a reasonable standard of living while contributing to the repayment of debts.

Each year the Superintendent of Bankruptcy establishes new income thresholds based on Statistics Canada’s income statistics.

Size of the family Surplus income threshold
1 member $ 2,089
2 members $ 2,601
3 members $ 3.197
4 members $ 3,882
5 members $ 4,403
6 members $ 4.965
7 members $ 5,528

If your family income exceeds the income thresholds set by the government, you will have to make excess income payments.

During your bankruptcy

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During your bankruptcy, you will be required to file a monthly income and expense return with your licensed insolvency trustee (or trustee in bankruptcy). This statement is simply a list of all the money coming into your household over a period of one month, including:

  • Your paychecks
  • Any support payments you receive (eg, support to children)
  • Tax benefits for children
  • Any other money / income (eg rental of tenants)

You will also be required to submit a list that details how this income was spent during the month. This information will be used by your licensed insolvency trustee to calculate whether or not you will need to make excess income payments during your bankruptcy.

How to calculate your excess income payments for 2016

Image result for calculate In order to know if you will have to make excess income payments, you will need to include your income in the following equation:

Net income (for 1 month) – Threshold (based on the number of family members) = Surplus x 50% = Your payment

Here is an example of calculating excess income payments, which should clear the equation for you.

Example of an excess income payment

Marc is single, his net income (the amount he brings home after taxes) for one month is $ 2500. With the equation given above, the calculation of Marc’s excess income is:

$ 2500 – $ 2089 = $ 411 x 0.5 = $ 205.50

Based on this calculation, Marc will have to make an excess income payment of $ 205.50 to his trustee in insolvency for a period of 21 months. The total amount he will have to pay is $ 4,315.50.

Once the 21 month period is over:

There was no change in the amount of money he makes

There was no change in the size of his family

He made his 21 payments

There was no objection to his debts being paid

Marc will automatically be acquitted of his bankruptcy

Period of bankruptcy payments

In the example above, we explain that Mark will have to make excess income payments for a period of 21 months, but this is not the case for all bankrupt people. The total amount of excess income you make will determine the duration of your bankruptcy.

If your monthly excess income is over $ 200 (which means you are currently paying your insolvency trustee half of that each month in excess income payments) your bankruptcy will be extended for a total of 21 months.

Remember, if this is not your first bankruptcy, the total amount of your excess income payments you may have to make will be different. Consult your licensed insolvency trustee to find out more about a second bankruptcy.

Find the right trustee

Working in conjunction with the right trustee will allow you to go through the bankruptcy process as smoothly as possible. If you are looking for an experienced and trusted Insolvency Trustee, Prêts Québec can put you in touch with someone in your area.

If you are a teacher, you have a spoiled place in Credifiel

Steps to transform a debt into extra moneyOne of your dreams is to have a business of your own? You, like me, surely you also dreamed about this. In my case, my father was a taxi driver for many years and although it was not a business of those that have an establishment, of course it became the family business, which we could support for many years.

I was 13 when my father bought the car. I witnessed the effort he made to have all the money and I also accompanied him to the agency when he bought it. Joy and satisfaction could see them in his eyes. From that moment, I knew that I also wanted to experience, at least once in my life, the fact of being in the same situation, fulfilling one of my biggest dreams.

As I grew older, that idea persisted in my head. Of course, times change and the situation became more complicated. Every time the salaries reached for less and later, I had my children. I have always known that my vocation was in teaching, so for several years now I have been teaching elementary school children in a public institution.

It is always very motivating to see how, year after year, new generations come and go and we have the opportunity to see them grow. In addition, it is also gratifying to receive the comments of mothers who are aware of the growth and learning of their children. Without a doubt, I have always been very clear that being in this industry is one of the things that I love the most, however, we all have some other skills that are important to apply for life.

Being a teacher is something that has left me many satisfactions and I also want to continue having them. In my yearnings to withdraw from an educational institution, I want to continue teaching but it is also true that the salary we receive from public education teachers is not high. Actually many of us hardly and we have enough to live.

One of the most recurrent thoughts I have had in recent days is that in a few years my dream to start a business as my father did, would be to be truncated. Even though I am not an older person, I do not think I can save much to start my business. This considering that my children are growing and soon the university will come, besides, I have to pay all the expenses of the house and everything that a family needs.

When I was young, I once participated in an electricity and electronics workshop where I learned to use many tools and, above all, to carry out one of the most necessary activities in daily life. For several years, before my children were born, my free time occupied them in doing work inside the houses, it was like a home service in which I could get my clients who, in turn, helped me get more work. With the passage of time this became more than a hobby.

Although at some point in life this was a good business option, today I could not resume it. Although it is a very recurring and above all, very requested work, it is also necessary to dedicate a lot of time to each of the visits that must be done to check the damaged places. Nowadays this is quite complicated because I have children and also, I have to prepare the materials for my school.

So, what business would be the one that could start? For many days I’ve been thinking about this. Sometimes I get a little sad of not finding an answer that makes me feel satisfied. During the last months I have been wanting to learn about cars and the tools necessary to fix them, however, the classes, the materials and besides seeing this activity as a business, it is too expensive and I could not save to start a workshop in a short time.

In this moment of my life, besides wanting the business as a dream of my own, I also want it to be able to have extra income. I need to start thinking about the future of my children and also what I will do when I retire from class. One of the mothers of the school, she is also my friend and one day while talking with her she advised me to request a loan that would allow me to learn mechanics and at the same time, put my own workshop.

She told me that this is a very lucrative business and that in a short time I could get a great return on investment so that little by little the loan would be paid practically alone. After much thinking I decided to investigate about the credits although the truth, I was a bit afraid to ask a loan to the bank.

My friend also told me to ask at the institution where I work if they could give me some kind of credit because generally the government has agreements with some credit institutions and the whole process becomes simpler. Trying to flee the bank, sincerely what my friend told me was what I took as the first option.

Indeed, Credifiel and my institution of public education have agreements that allow them to grant credits for government teachers and with the advantage that they are via payroll, in this way, interest is reduced considerably and you will not have to pay two or even three times the amount you requested.

This news was wonderful for me since the procedures were very simple and I did not need more than a few hours to decide to get the loan. From that moment on, I only had to start investing the money. I already knew what I wanted so I just needed to do it.

Mechanics and business classes began to take shape. In a short time, my workshop was positioned within the colony and I was also able to hire a couple of other workers to help me while I continued teaching and teaching the children of the future of Mexico.

Meta description: At Credifiel we support public education teachers to fulfill each of their dreams through credits for government workers. That is why if you are a teacher you have a place allowed in Credifiel.

4 tactics to get a better job

1. Create an attractive curriculumImage result for artistic cv

A CV is a very important cover letter that will speak for you. Leave the outdated models and try to maximize your skills and experience. There are several tools on the internet that will help you to give a great design and format to your CV; however, that does not mean that you create an informal curriculum.

Laszlo Bock, former head of human resources at Google, only selected the best CVs in the recruitment process for Google employees. He focused on the fact that a CV should have an extension of maximum one page. “One page of curriculum for every 10 years of experience”. So do not put the primary school in which you studied, nor the address of your house, because those are not relevant aspects. In addition, the curricula with errors of spelling and with lies completely discarded them.

Another important quality that your curriculum must have are your achievements and abilities. Emphasize what you have done well in your work or academic experiences and provide measurable results.

2. Search in your university’s job bank

Do not make the big mistake of being a graduate and not create a profile in your university’s job bank. There you can find various opportunities and agreements that your university has with different companies or organizations. In addition, many companies search the university job boards because they are more inclined towards the profile of the students of certain universities.

3. Search on recognized job search platforms

Currently there are so many job platforms that it is difficult to decide on one and know in which to put our CV. Platforms that were once very large and to which many people flocked, have now become of little value to users.

It is necessary to make sure that you are on the correct platform, because otherwise looking for a good job will be a complicated and even disappointing task. According to your area there are already specialized and reliable sites that only allow prestigious companies to publish there. We recommend using sites like Fric Martinez , Indeed and Jooble.

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4. Maintain a wide network of contacts

The best option to find a job are the people we know throughout our lives. The contacts that we are forming can come from friends, family, colleagues, meetings, etc. Do not underestimate your interpersonal relationships and ask your acquaintances if they know of any job offer or if there is a vacancy in your company.

4 reasons why you need Life Insurance

Image result for life insuranceWe have all raised the possibility of hiring a life insurance , but in many cases it is associated with the signing of a mortgage with a financial institution. But, what other reasons can lead us to hire this type of service? We tell you!

4 reasons to have life insurance

  1. Family economy

A Life Insurance is very important for your family . Although the possibilities are small, in case of death your family will have an economic support that will compensate the loss of the deceased’s salary.

  1. Study of your children

As in the family economy, a loss can affect the future of those you love most. That they do not remain without studies. With a Life Insurance you will guarantee the future of the little ones in the house.

  1. Mortgage

Mortgage Life Insurance has always been related. If at home you have a loan with a bank, do not doubt that a solution to ensure the payment of housing in a Life Insurance. In Aegon, in addition, at an unbeatable price.

  1. Medical expenses

In unlikely cases of disability after an accident you will ensure the best medical or special care you may need.

What does a Life Insurance cover and how is its price calculated?

What does a Life Insurance cover and how is its price calculated?

A Life Insurance basically covers death and absolute permanent disability . It also includes:

  • Double capital due to death in accident
  • Advance payment of € 3,000 for inheritance tax
  • Psychological care for you or your family
  • Payment facilities and discounts
  • Legal advice
  • Optional coverage for Cancer.

Its price is calculated based on various factors (age, profession, state of health, among others …). The monthly payment is usually not very high, it will depend on the capital you want to insure.

For example, a 34-year-old man could secure up to € 51,000 in capital from just € 8.25 per month.

Why choose Aegon Full Life Insurance?

Because we have created a product designed for you and your family, with full coverage and that guarantees 100% of the insured capital.

Infographics: 4 reasons to have a Life Insurance – Aegon Seguros

Statistics of R + D + i Activities

Yesterday the National Institute of Statistics published the final results of the Statistics of R & D & I Activities. Among the main conclusions:

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Financing of R & D activities

In 2013, R & D activities were financed mainly by the Business sector (46.3%) and the Public Administration (41.6%).

The funds coming from the Foreigner (7.4%), the Higher Education (4.1%) and the Non-Profit Private Institutions (0.6%) completed the financing.

Staff employed in R & D

A total of 203,302 people were engaged in R & D activities, in full-time equivalent in 2013, which represented 11.9 per thousand of the total employed population.

The group of researchers reached the figure of 123,224.7 people in full-time equivalence, which was 7.2 per thousand of the total employed population.

40.2% of R & D personnel in full-time equivalence were women.

Expenditure and personnel in R & D by autonomous communities

The Autonomous Communities with the highest percentage of spending on R & D activities on GDP in 2013 were País Vasco (2.09% of GDP), Comunidad Foral de Navarra (1.79%), Comunidad de Madrid (1.75%) ) and Catalonia (1.50%).

The two Autonomous Communities that presented growth rates in R & D expenditure over the previous year were Extremadura (0.9) and Comunidad de Madrid (0.0)