SURPLUS INCOME FORMULA

June 21st, 2005 by Questions

COULD YOU EXPLAIN THE SURPLUS INCOMME FORMULA?

HOW IS A SURRLUS AMOUNT CALCULATED?

FOR EXAMPLE RIGHT NOW I MAKE $2000.00 WHICH
IS APPROX. 60% OF THE HOUSE HOLD INCOME.

IF I GO BACK TO WORK FULL TIME AND EARN $4200.00 A MONTH , WHAT IS MY SURPLUS INCOME ?

Questions

2 Responses to “SURPLUS INCOME FORMULA”



June 22, 2005 at 8:30 am, A licensed trustee said:

If you go bankrupt, you are required to contribute an amount each month to your bankruptcy estate based on your monthly income, and the size of your family.

Here is a link you to a surplus income worksheet to help you do the calculations.

There are many rules related to surplus income, so you we strongly advise that you contact a licensed trustee to explain the calculation in detail before you decide to file for bankruptcy. If you have significant surplus income, in most cases a consumer proposal is a better option.



June 23, 2005 at 7:18 am, Anonymous said:

So Surplus income is *net* income and not gross? Say I made $2,450 but pay $350 in deductions and $500 in child support I would have a net income of $1,600? So if I have a single dependant they compare the $1,600 to the $2,141 and not my gross $2,450?In theory I could make $2,141 + deductions + support before I have surplus?

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