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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 duration of bankruptsy

i have over $200,000 in credit card,lines of credit and business loan, all unsecured debt.my question is if i only make about 1000.00 net a month and my spouse, who is not filing for bankruptcy,makes about 4500 net a month .do i have surplus income?? note,we are a family of 4 ,2small kids, myself and my spouse .will i be bankrupt for 9 months or 21 months with the new laws.please help.thank you

Posted from: Ontario

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One Response to “surplus income and duration of bankruptsy”

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

Yes, you would be considered to have surplus income and you payment would be approximately $184.18 per month (based on the numbers provided). Under the new laws, if a bankruptcy is filed, this surplus payment would have to be made for 21 months.