Is my widow’s pension and my CPP affected by bankruptcy?
My home is in foreclosure, with no equity. My husband passed rather quickly, 9 months ago. I had decided to take early withdrawal on my CPP at the time thinking this would help my income. But, since talking to a trustee, they are taking the widows pension, my CPP and more.
I also have to buy back one of my vehicles. I am losing my home also.
I am just not sure where exactly to turn? Do the bankruptcy laws in Canada ( BC ) allow my CPP to be taken? The trustee that I will be signing papers with states I must pay her over $700 per month. Is this correct?
The trustee applies the rules given to him by the Federal Government, based on your family situation.
If your net monthly income is $3,000 (including pension and CPP) and you live on your own and have no health costs to claim then what you would have to pay is $493 a month.
You can calculate this yourself by using our Bankruptcy Calculator at the link below: