What if I can’t pay my surplus income?
June 13th, 2012 by Questions
Hi there, I was just advised that my bankruptcy period has been extended from 9 months to 21 months because I had a surplus income which I understand. However, the numbers were calculated against the superintendent’s figure of $1926 a month which I told my trustee was an unreasonable figure considering I’m living in Vancouver – one of the most expensive cities in Canada, and the world. My rent – which is already way below the industry level for a 2 bedroom is $1320 a month. I run my own business so I’m not sure how they would expect me to live off of $600 to fit into this national average standard of $1926. I needed a minimum of $2800 a month to survive and was earning an average of $3000. Each month I showed that I was barely scraping by but now I have to pay $531 a month for the next 12 months plus back pay $2931 for the last 9 months. I don’t have this money plus I have to keep HST/Income tax in mind. What if I simply can’t pay this amount because the numbers they suggest are not feasible to begin with and I need at least $2800 to survive in Vancouver? What will happen to me if I can’t pay it?
Posted from: British Columbia