Income made when Bankruptcy

September 22nd, 2011 by Questions

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.

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