surplus income

September 9th, 2009 by Questions

i have over 250000 in credit card,lines of credit and business loan question is if i only make about 1500.00 net a month and my wife (who is not filing for bankruptcy)makes about 4500 net a month .do i have surplus income??or not.
note,we are a family of 4 (2small kids myself and my wife)would it be better not to include my wifes salary at all??

Posted from: Ontario


One Response to “surplus income”

, A licensed trustee said:

Your surplus income obligation is based on household income. That means your wife’s income will be factored into the equation. Briefly, the threshold for a family of 4 is $3,474 of after tax income. Your household income is $6,000 and your income represents 25% of the total. The amount of surplsu you’d be reuired to pay will be (6000-3474) x 25% x 50% = $316. Please note that if your income is subject to change the surplus you are required to pay will also change.

As of Sep 18 your bankruptcy will run for 21 months.

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)