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SURPLUS INCOME FORMULA

COULD YOU EXPLAIN THE SURPLUS INCOMME FORMULA?

HOW IS A SURRLUS AMOUNT CALCULATED?

FOR EXAMPLE RIGHT NOW I MAKE $2000.00 WHICH
IS APPROX. 60% OF THE HOUSE HOLD INCOME.

IF I GO BACK TO WORK FULL TIME AND EARN $4200.00 A MONTH , WHAT IS MY SURPLUS INCOME ?

2 Responses to “SURPLUS INCOME FORMULA”

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A licensed trustee said...

If you go bankrupt, you are required to contribute an amount each month to your bankruptcy estate based on your monthly income, and the size of your family.

Here is a link you to a surplus income worksheet to help you do the calculations.

There are many rules related to surplus income, so you we strongly advise that you contact a licensed trustee to explain the calculation in detail before you decide to file for bankruptcy. If you have significant surplus income, in most cases a consumer proposal is a better option.

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Anonymous said...

So Surplus income is *net* income and not gross? Say I made $2,450 but pay $350 in deductions and $500 in child support I would have a net income of $1,600? So if I have a single dependant they compare the $1,600 to the $2,141 and not my gross $2,450?In theory I could make $2,141 + deductions + support before I have surplus?