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surplus income calculation for real estate agent

Hi there,
If I`m declaring bankruptcy. How is the surplus income calculated if I`m a commission earned real estate agent, which I don`t get income stable everymonth? Please advise! Thanks!

Posted from: Prince Edward Island

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One Response to “surplus income calculation for real estate agent”

A licensed trustee said...

Your trustee has two options: (1) treat each month independently of all others; or (2) average your income over the period you remain bankrupt.

The first option is arguable the more correct procedure in that it is how “wage earners” are treated and everyone should be treated the same when they file.

That being said, most trustee will allow the second option of averaging your income to “smooth” out high and low income months.

As a self-employed person your monthly income statements will probably be more complicated than the average individual – be prepared to file a statement of business income and expense each month as part of the process.