Surplus Income fluctuation

January 28th, 2013 by Questions

My monthly income is 2000 net after taxes for one person but in june i will be getting lumpsome vacation pay that will be 1000 dollars and in april union in my company filed for greievance with labor board for overtime pay company hold that will be 500 dollars.
How the surplus income formula works in my case during whole 9 months bankruptcy time my income fixed at 2000 net only april and june that lump some money geting extra in my case bankruptcy wil be 9 months or 21 months..

Posted from: Ontario


One Response to “Surplus Income fluctuation”

, A licensed trustee said:

If you file for bankruptcy you are required to report your income for 6 or 7 months – at which time your trustee will determine your average income for the period. If you average monthly income exceeds the government standard for the nbumber of people in your household by over $200 then you bankruptcy will be extended to 21 months and you will be required to pay 21 x the surplus penalty. If the average is less than $200 over the threshold then your bankruptcy will run 9 months and no surplus penatly is payable.

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