surplus income and duration of bankruptsy

September 16th, 2009 by Questions

i have over $200,000 in credit card,lines of credit and business loan, all unsecured question is if i only make about 1000.00 net a month and my spouse, who is not filing for bankruptcy,makes about 4500 net a month .do i have surplus income?? note,we are a family of 4 ,2small kids, myself and my spouse .will i be bankrupt for 9 months or 21 months with the new laws.please help.thank you

Posted from: Ontario


One Response to “surplus income and duration of bankruptsy”

, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

Yes, you would be considered to have surplus income and you payment would be approximately $184.18 per month (based on the numbers provided). Under the new laws, if a bankruptcy is filed, this surplus payment would have to be made for 21 months.

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