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Salary – cost of bankruptcy

What happens to my salary in and after the bankruptcy process?

Posted from: Ontario

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One Response to “Salary – cost of bankruptcy”

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

Nothing directly happens to your salary in a bankruptcy. However, the cost of bankruptcy fluctuates depending on the size of your family and the amount of income of the household. So if your income is past a thereshold level set by the Superintendent then you may may lose part of any earnings which are considered “surplus income.” The limit depends on your earnings level and your family size, according to a complex formula, so it is best to contact a local trustee and when you do bring your latest pay stubs, to allow the trustee to estimate how much you must pay based on surplus income formula.