single person and surplus income

December 12th, 2007 by Questions

I am a single person and would like to know what the basic amount allowed for living expenses is before `surplus income` is calculated?
I understand that I am to pay half of the `surplus income` but would like to know if that is determined for the 9 months at the start of my filing, or is it determined each month? (My income varies each month).

Thank you.


One Response to “single person and surplus income”

, A licensed trustee said:

The threshold (limit) for 2007 for a single person is $1,797 of after-tax income per month. There are currently no set rules for “when or even if” a trustee should extend your bankruptcy beyond 9 months.

There is legislation being debated in the Senate right now that will impose an automatic extension fo 12 months to anyone filing bankruptcy that has surplus – these new rules will likely come in to effect in late 2008.

The obvious alternative is to consider a consumer proposal (instead of filing for bankruptcy) – use the links on this page to find a trustee in your area and give them a call to discuss your options.

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