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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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9 months

If I go see a trustee in September, and if after that consultation it becomes apparent that I should declare bankruptcy and do so on say September 19, does my 9 months end June 19? If I made 1500 at work from September 1 to the 18 and then made another 1000 from the 19th to the 30, do I have surplus income? Or does it start from the 19th?

Posted from: Ontario

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One Response to “9 months”

A licensed trustee said...

The normal period for a bankruptcy is 9 months and one day so if you filed September 19 and everything went according to plan you would be discharged on June 20.

In regards to your surplus incoem payment in the first month, it is up to your truste to determine if they will allow a partial month for you or if you are required to pay the surplus on the entire month’s income. An argument can be made (under the law) to do it either way so this si something to ask/discuss with your trustee before you file.

As a matter of interest, our firm only requires you to report the income you receive after you file for bankruptcy (so Sep 19 to the 30, not for the entire month).