FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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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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Living expenses

What happens if after you complete the form detailing your family monthly expenses and then one of your expenses increases like you strata fees and food? What effect does this have on your surplus income? Can these things be changed during the bankruptcy as the cost of living will obviously be changing during bankruptcy or is the statement iron clad with no provisions or amendments made?

Posted from: British Columbia

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One Response to “Living expenses”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

Most of your expenses have no impact on the Surplus Income Calculation as it is based almost entirely on your net income. However, if your income fluctuates any Surplus Income Obligation will fluctuate each month with your changing in income.

As for whether or not the Surplus has to be paid or if there is any discretion, there is no discreation. The only body that could alter it would be the court, but in most situations making an application to have this varied would be a long shot, as well as it would have to be done by a lawyer who was working on your behalf it would likely be a fairly costly ordeal.