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surplus

If a person is collecting a company pension and their income is over the surplus, can that money be seized?

Posted from: Ontario

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One Response to “surplus”

A licensed trustee said...

Income from all sources (any kind) is included in the surplus calculation each month. If you are over the limit then you are required to pay 50% of the amount that you exceed the limit. The fact that some of your income is from a pension doesn’t matter. Your pension income cannot be seized, but if you don’t make the required payments you will not be discharged from bankruptcy – if you want relief from your debts then you need to comply with the rules and that means paying any surplus income payments that are required.