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Income made when Bankruptcy

What is the amount I can make when I declare personial bankruptycy in Canada per year, also is this amount gross or net???
If I make more then the amount what persentage go back to the creditors???

Posted from: New Brunswick

One Response to “Income made when Bankruptcy”

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

What you are referring to is the surplus income obligation.

The threshold amount changes based on the number of people in the household and for 2011 looks as follows:

# People Threshold Income
1 1926
2 2398
3 2948
4 3579
5 4059
6 4578
7+ 5097

Ultimately what happens is this is the amount of net income allowed given the number of people in the house and anything above this amount you must pay 50% of as part of your bankruptcy.