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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Lump Sum Surplus

My family income does not put me in a position where I would have a surplus payable to my creditors. However, during my bankruptcy it is possible that I will receive a one time lump sum payment that will make a surplus. Does this automatically mean my bankruptcy extends to 21 months?

Posted from: Ontario

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One Response to “Lump Sum Surplus”

A licensed trustee said...

It literally depends on the nature of the lumpsum payment – is it some form of retro-active pay, or a bonus? The source of the money will impact how it is handled and whether or not it might cause you bankruptcy to be extended. All I can suggest is you make certain you discuss this with your trustee BEFORE you file.