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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Surplus Income Question

The directive from Superintendant of Bankruptcy with regards to excess income over $1000 per month states the trustee shall take at least 50% but not more than 75% of that range. My question is it sounds like it is up to the individual trustee to make that judgement? Why would it not say must take 75% period? Please advise.

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One Response to “Surplus Income Question”

A licensed trustee said...

I can’t help you on this one – even the Courts have been inconsistent in their application of the 75% threshold. Some places calculate the 75% on income over the $1,000 threshold. Others calculate it on the entire amount of income over the surplus threshold. All you can do is ask your trustee BEFORE you file what their policy is so that you know how the rules will be applied in your situation.