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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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How much of an income surplus do i need to pay

I have rental arrears totalling 6,300.00 to a couple who owns the property. I no longer live there but i am experiencing a really tough financial situation. I resorted to pay day loans that i cant keep up with. I have an overdraft on my account of over 2,000.00 that needs to be paid. They now have closed my account. I have some personal loans i have borrowed from my friends of which i want to settle; do i need to declare this if i went to a trustee? How much of an income surplus do i need to pay?

Posted from: British Columbia

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One Response to “How much of an income surplus do i need to pay”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

When you file for bankruptcy you are required to list all of your debts, including those that relate to family and friends. If you fail to declare these types of loans this would be considered an offense under the bankruptcy and Insolvency Act and would likely result in you not being eligible for an automatic discharge from your debts.

As for the Surplus income you would need to pay, this is tied directly to your monthly income and the number of people it is used to support. For more information I would suggest you review this link that discusses the Surplus Income Obligation or simply contact a local trustee directly.