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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Surplus income shortfall

I have been paying my trustee $482/mo for my bankruptcy proposal. This includes payment for surplus income. I worked overtime, but have not paid the surplus income on the overtime. What will happen with my bankruptcy if I cannot afford to pay the surplus income payment on the overtime on my last scheduled payment to my trustee?

Posted from: Ontario

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One Response to “Surplus income shortfall”

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

You are not eligible to be discharged until all your duties are completed, this includes the surplus income obligation. If you haven’t paid it by the time you are eligible for an automatic discharge the bankruptcy will be extended until you can complete the necessary payments. However, you have to be careful as the court will only permit a limited extension so you need to make every effort you can to comply with the requirements in as reasonable of a time frame as possible.