Surplus Income Owing at the End of Bankruptcy
February 23rd, 2023 by Anonymous
I am at the end of my bankruptcy and I’m being told I owe 5200.00 dollars and my husband owes 4200.00 because of surplus income owing. There was no talk of this now I’m slammed with this . Do I have any options?
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February 23, 2023 at 1:47 pm, Barton Goth, CIRP, BA, MBA, Licensed Insolvency Trustee said:
The Surplus Income Obligation is a requirement in a bankruptcy and one that has to be satisfied if you want to be discharged and cleared of your debt. Now the Licensed Insolvency Trustee should have discussed this with you when you first spoke, it is part of the assessment process that should have been done. They may have explained it in more simple terms by simply saying should your income increase your cost of bankruptcy will increase as there is a formula that is set by the government that governs this. But unfortunately, this is a required element in a bankruptcy and has to completed. If you feel you were not properly informed of this by your LIT you can always reach out to the Office of the Superintendent of Bankruptcy and they can help you look into this if you need.