Surplus income
December 7th, 2010 by Questions
I have recently gone bankrupt (a few months now) and am not getting any help from my trustee either by email or phone. I am SO confused in filling out the monthly budget sheets, and I don’t know what my surplus income limit amount is for 1 adult 3 kids. Any idea?
Posted from: Ontario
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December 08, 2010 at 10:21 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
While I cannot comment on what your trustee is or isn’t doing, there really isn’t much help that can be given with the Income and Expense Statements. What you need to do is to keep receipts for anything you spend, categorize the receipts according to the categories on the Income and Expense Statement. The categories there are pretty specific so they should be able to give you a pretty good idea of what goes where, then add up those receipts and put the total amount in the respective blank.
In terms of Surplus Income, the threshold amount for 4 people is $3,501.00. Therefore if you have 4 people in the household and your income is greater than this amount, then 50% of the difference is considered to be surplus and must be paid to your trustee.