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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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Varying Monthly Income

I`m a self-employed contractor so my income varies greatly from month-to-month and comes in in `chunks`. For instance, I may have no income for three months and then receive a cheque for $20,000 in the fourth month. Typically, it would be used to cover the next three or four months when my monthly income drops back down to 0.

Considering that the surplus income calculation jumps from 50 – 75% quite quickly is there anything that can be worked out to take into consideration that the income from one month is actually intended to be used for four?

Posted from: Ontario

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One Response to “Varying Monthly Income”

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

The surplus income obligation directive contains a guideline that is used in just the situaiton you are facing. What it allows are for the averaging of your income over the duration of the bankruptcy so you are not penalized for fluctuating income such as yours.