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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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Minimum monthly income is more than I spend

Thank you for the detailed info I have read here. It helps me to understand the process so much better. I have searched the blog but have not found my question.

The 1 person minimum monthly income is $1870. If I earn less than that but my monthly expenses are quite low, maybe $900 month (because I am trying to live cheaply while in bankruptcy) can the Trustee demand I pay a portion of this amount back to the creditors even though I am making less than the minimum income level?

I guess a more clear question would be do I get to keep all of the money earned if it`s less than the $1870 monthly amount?

Thanks.

Posted from: Nova Scotia

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One Response to “Minimum monthly income is more than I spend”

A licensed trustee said...

It is unlikely your trustee will demand you pay a portion of your excess funds into the bankruptcy. Your trustee is required to advise the Court on whether or not they think you could have offered a proposal (ie repaid a portion of your debt) instead of filing for bankruptcy. If your trustee makes such a recommendation and you disagree with them the matter will be put before the Courts and the Court will decide.

I know in our practice, we encourage people to save during their bankruptcy – there are required minimum payments in order to complete the bankruptcy and as long as you make those (and any surplus payments that are required) we don’t “demand” more…