Surplus Income

March 8th, 2009 by Questions

My husband and I claimed bankruptcy in Jan/08. We were up for discharge but all of a sudden now we owe a LARGE surplus. In the middle of our bankruptcy our living situation and finances changed. I now have NO job as I had previously and my husband`s income was cut in half. My trustee, unfortunetly, has been giving us the run around for the last 5 months and I can`t get a straight answer out of him. I don`t know what to do or who to talk to about this. We are NOT able to pay the large surplus.

Posted from: Quebec


One Response to “Surplus Income”

, A licensed trustee said:

You need to speak to your trustee – if they are not co-operating then I suggest you contact the Office of the Superintendent of Bankruptcy.

The Bankruptcy and Insolvency Act requires you to report your income to your trustee everymonth during a bankruptcy and based on your income and household size, you may be required to make a “surplus income payment”. These payments are designed to allow you a reasonable standard of living, while providing some repayment of your debts if your income warrants it.

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