FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

"*" indicates required fields

This field is for validation purposes and should be left unchanged.

Name*

Phone Number*

Email*

This field is hidden when viewing the form

What's the best time to contact you?*

Location*

What city do you live in?*

Total Unsecured Debt*

*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

This field is hidden when viewing the form

Source

How can we help you?

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.

Agreement*

I understand that Bankruptcy-Canada.ca does not provide debt relief services directly and agree to securely share this information with a local Licensed Insolvency Trustee (LIT) for a free, confidential consultation.

Select Trustee By Province

single person and surplus income

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.

Share this post:

X (Twitter) Facebook Pinterest LinkedIn Email

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.