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Surplus Income

I recently attended an intial assessment consultation with a local trustee (Halifax, NS) and was told that because I have a surplus income ($1125 biweekly net income) I would be required to stay in bankruptcy 21 months even under the current norms in the industry (before the new upcoming changes). Is this in fact the case or is this one trustee`s practice? Thanks.

Posted from: Nova Scotia

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One Response to “Surplus Income”

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

This is a fairly standard practice. It is very common for courts to rule that where “substantial surplus” exists then the length of the bankruptcy. The major difference up to now is that there was no standardized way for the judiciary across the country to define “substantial surplus.” What has essentially happened is the new legislation has defined this term. So while the new changes don’t officially take place until September 18, 2009 I think most courts will adopt that policy going forward.