Surplus income and bankruptcy

February 19th, 2010 by Questions

I live with my boyfriend.. He is currently in school and has no income.. He pays for his school through his personal savings as well as student loan and scholarships. He is not employed. I am employed full time and bring home approx 975$ every 2 weeks. Would I fall under surplus income or would I fall under? How would this affect the bankruptcy and him?

Thank you.. I find your website very helpful

Posted from: Ontario


One Response to “Surplus income and bankruptcy”

, A licensed trustee said:

The current limit for a household of one person is $1870 so if you bring home $975 bi-weekly your monthly income should be $1950 which is just slightly over the guideline and subject to surplus. If your trustee determined that you were living in a two person household, the trheshold increases to $2328, BUT your boyfirend’s scholarhisps and any income he might earn during the bankruptcy will be added to your income for the purposes of calculating your surplus payment.

Confused? Use the links on this site to contact a trustee in your area and discuss your siuation with them in detail BEFORE you decide to file.

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