November 15th, 2013 by Questions
In the first 7 months of bankruptcy, does the trustee review my statements each month and inform me about my surplus/if any, or they collect all and calculate at the end of 9 months? Must he/she let me know how much is my surplus payment each month?
Posted from: Ontario
One Response to “Trustee obligation”
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November 15, 2013 at 6:38 am, A licensed trustee said:
You need to ask your trustee what their policy/procedure is regarding the monthly statements. Some wait and look at them all at once, others (such as our firm) look at them every month. In the 7th or 8th month your trustee is required to determine your average monthly income since the start of your bankruptcy. They do this to determine if you are required to make additional payments into your bankruptcy (for surplus income) and to determine if your bankruptcy will be 9 or 21 months long. If your bankruptcy is 9 months long you are not required to make any surplus income payments. If it is 21 months long then you are required to make those payments for the full 21 months of the procedure.
I hope that helps, but you need to discuss this with your trustee to find out what their specific policies and procedures are.