April 16th, 2011 by Questions
What happens if you are a seasonal worker with a high monthly income for several months and then on ei for 8 months?
How is the surplus income calculated?
Posted from: Ontario
April 16, 2011 at 4:33 am, A licensed trustee said:
Your surplus income obligation will be calculated in the same way as everyone elses: for the first 6 months of your bankruptcy you are required to submit statements of income and expense. In month 7 your trustee will average those first 6 statements and if your average household income is $200 (or more) higher than the government threshold for your size of family then your bankrupcy will be extended to 21 months and you will be required to pay surplus and fee for the enitre period.
This is something that you definitley want to discuss in detail with whichever trustee you are using BEFORE you decide to file. Unless you have dramatic changes in your income after you file, your trustee should be able tell you before you file how much you are likely to have to pay and how long your bankruptcy will run (9 or 21 months for a first time filer).
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