mandatory surplus income

August 12th, 2008 by Questions

I understand that there are new regulations that are awaiting ascent in the house of commons, namely Mandatory suplus income and extending the legth of discharge from 9 months to 21 months. When you look at a person`s monthly income, most months have two pay periods, but on occassion the month will have 3 pay periods. If an individual was under the surplus amount every month but on the month where he would have 3 pay periods, went over the min amount and thus had a surplus that month would this classify extending the discharge from the 9 months to the 21?

Posted from: New Brunswick

Questions

One Response to “mandatory surplus income”



August 13, 2008 at 6:58 am, A licensed trustee said:

The way the new law is written if a person has ANY surplus income the bankruptcy is to be extended to 21 months. That being said, when the Office of the Superintendent of Bankruptcy produces the rules and regulations that accompany the new law they may be somewhat more lenient. Until they publish the rules and regs we just don’t know…

If you are at all worried about then I suggest you speak to a trustee now, before the changes come into play.

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