May 7th, 2008 by Questions
In reference to a recent question concerning extensions of the discharge period.. you said this is quite common when the surplus is high. What is considered a high surplus today?
Posted from: Ontario
May 08, 2008 at 8:56 am, A licensed trustee said:
There are no published guidelines – in our firm we start to consider surplus high if it exceeds $400 per month on average in the first 6 months of the bankruptcy.
If/when the new amendments to the Bankrutpcy and Insolvency Act are implemented, any bankruptcy with surplus will be automatically extended to 21 months. If you are thinking abiout bankruptcy and have surplus income you want to speak to atrustee BEFORE the amendments come into force.
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