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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.

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Surplus Income

I reside in Ontario.
I currently have about $200,000 in debt which includes both CRA and CREDIT CARDS.

I would like to file for bankruptcy.

I am currently working and make about $60K/year.
My wife is also working and makes about $60K/year.

I am the only one filing for bankruptcy, in Ontario.

1) What do you estimate will be my surplus income ? That is how much will I have to pay to my trustee (monthly) as I believe I do have some surplus income ?

2) Also, how long will I stay in bankruptcy, will it be more than 9 months before I get discharged, based on this scenerio ?

Thank-you

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One Response to “Surplus Income”

A licensed trustee said...

Unfortunately, you haven’t provided enough information to give you a precise answer. What you should do is use teh links to contact a trustee firm in your area and then you may have a detailed discussion about your situation.

In order to provide you with an estimate of your surplus obligation the person you speak to will need to know how many people reside in the household, whether or not there are any othr forms of income, and whether or not you have any non-discretionary deductions from your income.

If there are just the two of you, if there is no additional income in the household, and you are not entitled to any non-discretionary deductions, your estimated surplus obligation would be: $1600/mth assuming yiou and your wife net $3600 a month and she does not file. If this estimate is accurate you could expect your bankruptcy to run 21 months.

We would strongly encourage you to consider a proposal instead of filing for bankruptcy based on the information you have provided.