FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

"*" indicates required fields

Name*

Phone Number*

Email*

Hidden

What's the best time to contact you?*

Location*

What city do you live in?*

Hidden

Source

How can we help you?

This field is for validation purposes and should be left unchanged.

Select Trustee By Province

retro pay owed and filing for bankruptcy

I am filing for bankruptcy next month and have just found out we are possibly getting a pay raise and will be owed retro pay for approx 2 years which will equal 3-4 thousand. My question is becuase this money should have been paid to me before what will happen to it? It will be added to my pay and I don`t want to owe more surplus income.

Posted from: Ontario

Share this post:

X (Twitter) Facebook LinkedIn Email

One Response to “retro pay owed and filing for bankruptcy”

A licensed trustee said...

I am soory, but if you receive this retro-pay and you have already filed for benakruptcy then it will be subject to the surplus income rules and likely you will have to pay a portion of it to your trustee.

I guess you should weight that against the amount of your debt to determine if it makes sense to file – frankly, I suspect you owe more than the amount of your retro-pay and so (while unfortunate) it’s just part of the cost of using the bankruptcy laws to get rid of your debts.