Surplus Income: Two Persons in the Household and They Have Filed Bankruptcy Separately
The following is an example of how surplus income calculation would look when there are two persons in the household and each of them filed bankruptcy separately.
Lets’ use the same facts as the last example, only this time both Jane and Steven have filed bankruptcy.
Jane’s surplus income calculation would look the same as it did in the last example.
Steven’s surplus income calculation would look like this:
|Jane’s income: 2 x $875|
$ 1,750 A
|Steven’s income: 4 x $400|
|Total household income: =|
$ 3,350 C
|Less the government threshold|
|Income over the threshold|
|Surplus income rate (50% of $1,022)|
|Total Surplus income|
$ 511 D
|Steven’s portion of income (B/C)|
|Steven’s surplus income (D x 48%)|
In this example, Jane would be required to pay $265.72 in surplus income and Steven would be required to pay $245.28 in surplus income.