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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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surplus income

What happens if according to my family size and government standards of acceptable income, our total take home income does not even have surplus. How do they make a standard for pay back (or paying the trustee) and do I have to pay back for longer?

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One Response to “surplus income”

Barton Goth GCO Bankruptcy Trustees said...

In determining surplus it is necessary to establish the earnings and expenses of everyone in the family unit. As a result you must disclose the earnings and expenses of each member of the family unit (including your son)

For the purposes of Surplus, the family unit includes any persons who reside in the same household and who benefit from either the expenses incurred or income earned by the bankrupt, or who contribute to such expenses or earnings.