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Bankruptcy, a new child and the Surplus Income Calculation

My wife is 7 months pregnant with our second child and about to go on Maternity leave.

My wages are going to start being garnished next pay and we have no choice but to file jointly as we have 55000 total debts from credit cards and line of credit dept.

My wife’s income and the extra child are going to change are income in 7 weeks.

How does this affect a bankrupt’s surplus income?

Is it calculated every month?

Posted from: Ontario

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One Response to “Bankruptcy, a new child and the Surplus Income Calculation”

Barton Goth – Goth & Company Inc. – Bankruptcy Trustees said...

You are correct that the Suplus Income Calculation is done every month. As such when you have the new addition you will be able to use a higher level of permitted earnings when doing the calculation. Other than that an additional member of the household shouldn’t affect the bankruptcy process.