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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 and spouse

My partner makes most of his money through his own business. I do not work. If I file for bankruptcy will he have to pay surplus income for me if he makes over the threshold?

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One Response to “surplus income and spouse”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

The way the surplus calculation is done is based on your percentage of the total family income. So while the cost of a bankruptcy does not directly fluctuate with your partners income, indirectly it can have an impact on the calculation. Be sure to review this with a licensed trustee, have him outline the calculation prior to signing anything so that you can full understand the ramifications of surplus.