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surplus payments

Just a couple of quick questions about surplus payments. If you end up with a 21 month bankruptcy are the payment amounts established in the first nine months? what happens in say month 13 if you get a promotion or raise, will the monthly payment go up?

Posted from: Ontario

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One Response to “surplus payments”

A licensed trustee said...

The answer depends on whether or not you have agreed to pay the average over 21 months or to submit statements and pay the actual for 21 months. Both methods are acceptable. Your trustee should calculate your average for the first 6 or 7 months and then let you know if your bankruptcy will be 9 or 21 months long. If it is 21 they should ask you whether you want to submit statements every month and pay the actual, or simply pay 21 x the average they calculated.

This is something to discuss with your trustee in detail BEFORE you decide to file.