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Monthly Surplus Income calculation

Hi,I would like to know how monthly income surplus is calculated if the bankruptcy last for 21 months?
1. add 21 months of income divide by 21 to give average monthly income and then subtrat OSB standard or
2. Within the 21 months, just pick those months that income are over the OSB standard allowed and subtract to give the surplus income?

Thank You

Posted from: Ontario

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One Response to “Monthly Surplus Income calculation”

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

You will need to discuss this directly with your trustee as there are a few additional variables that play into this. But normally what happens is that your income in the first 8 months is averaged, this monthly average is used to determine the total payment that should be made each month and then this is extrapolated over the full 21 months. Again, as this is a very high level overview and there are a few other variables that must be looked at, it is important you discuss this directly with your trustee and they will be able to walk you through this.