How long the bankruptcy will be?

May 2nd, 2013 by Questions

Hi, my question is: If during the first seven months of bankruptcy I have a surplus income of more than 200 CAD for 3 of the months and the 4 months is below 200 CAD, how long the bankruptcy will be? Do you calculate the average for the 7 months or every months must be below 200 so the bankruptcy will be 9 months?Thanks

Posted from: Ontario


One Response to “How long the bankruptcy will be?”

, A licensed trustee said:

You are required to submit monthly statements of income and expense for the first 6 months of your bankruptcy. In month 7 your trustee will calculate your average income for the 6 months and then compare that to the government standard. If your average income exceeds the standard income by $200 or more then your bankruptcy will be extended to 21 months.

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