FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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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 Calculation

I will likely have to go bankrupt soon. My wife is not employed and not going bankrupt but is receiving monthly re-payments of principal only she is owed on a loan. Will this money be classified as “income” by my trustee for the purpose of determining what our surplus income is?

Posted from: Ontario

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One Response to “Surplus Income Calculation”

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

You will need to discuss this with the trustee as there will be a little bit of professional discretion that will need to be exercised. But I would perceive this as an asset that belongs to your wife (i.e. it is essentially an accounts receivable that she is collecting on). Therefore as long as your wife is not going to be filing for bankruptcy I wouldn’t see how this would impact your bankruptcy or your surplus income calculation.