How is surplus income calculated?
August 1st, 2014 by Questions
My partner went into a consumer proposal and I had to declare bankruptcy. I lost my job 4 months later and have no income. Does my partner have to submit his paystubs when calculating surplus income ?
If he is in a proposal agreement and I have no income how is this calculated?
Posted from: Alberta
One Response to “How is surplus income calculated?”
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August 01, 2014 at 10:56 am, Barton Goth, Trustee said:
With a consumer proposal there is no requirement to submit pay stubs like there is in a bankruptcy. Nor is there any need to calculate surplus. Both the providing of pay stubs and the calculating of surplus are duties associated with filing bankruptcy. A consumer proposal doesn’t have the same type of requirements associated with it. A consumer proposal typically proposes a set amount to be paid each month over the course of a 60 month period of time. Now it has to be prepared properly so that you are offering more to the creditors than would be available in a bankruptcy and provide a fair, it must be based on correct information, make reasonable assumptions and provide a level of recovery that the creditors are going to be willing to cooperate with. But as long as those requirements are met, once a proposal is accepted all that is required is attendance at 2 counselling sessions and the making of monthly payments as outlined in the proposal.