surplus income

May 21st, 2006 by Questions

What happens if according to my family size and government standards of acceptable income, our total take home income does not even have surplus. How do they make a standard for pay back (or paying the trustee) and do I have to pay back for longer?

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One Response to “surplus income”



, A licensed trustee said:

Most bankruptcy trustees in Canada will require you to make a set payment each month, regardless of your income, to cover the costs of administering your bankruptcy. If your income is higher than the surplus income threshold, you are required to contribute more while you are bankrupt. In your case, if you are below the surplus income limit, you would only be required to make the minimum contribution set by the trustee. For more information, contact a licensed trustee.

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