December 7th, 2012 by Questions

when checking for surplus do you add all months up then divide by the number of months to get average income

Posted from: Ontario


One Response to “surplus”

, A licensed trustee said:

There are many ways to do the math – the most common is to have you file statements of income and expense for the first 6 or 7 months of your bankruptcy (if it is your first bankruptcy) and then average. Ifcthecaverage is $200 or more over the standard for your size of household the surplus payments apply and your bankruptcy will be extended.

How the calculation works is something you need to discuss with your trustee BEFORE you file.

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