Surpluse Income

December 20th, 2007 by Questions

My wife is working – salary $60K/year GROSS.
I have not been working for about 1 year.
I have debt with CRA for $140K
I have debt with Credit cards for $50K
I would like to file for personal bankrupcy.

How is surplus income calculated and will I need to pay any amount while I am bankrupt.?
Will my wife need to pay anything to CRA ?
Will she be affected ?



One Response to “Surpluse Income”

, Barton Goth GCO Bankruptcy Trustees said:

In this example you will have no surplus as surplus is based on your percentage of the household income and with zero income it makes not difference what your wifes income is.

Therefore you will have to pay the minimum cost of the bankruptcy set by the trustee, but other than that there really isn’t any impact on your wife.

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