June 3rd, 2009 by Questions

If I receive $12000 in severance pay in July and file for bankruptcy in Sept will it be considered surplus income?, and will I be required to pay some of it into the bankruptcy?

Posted from: Nova Scotia


One Response to “Bankruptcy”

, A licensed trustee said:

Money you recieve prior to filing is not subject to the surplus income rules. Your trustee will require a detailed accounting of what you’ve done with the money and if your trustee decides some of your disbursements (uses of the money) were not appropriate they may require you to make additional payments into your bankruptcy to compensate for these items.

This is the sort of thing you want to discuss in detail with your trustee before you file so there won’t be any surprises during your bankruptcy…

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)