FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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income and expenses

i’m on longterm disability and live alone. My expenses exceed the threshhold for a single person. ex; disability payment is 2500 tax free and expenses are 2100 and cant be reduced. what is expected of me to pay in bankruptcy

Posted from: New Brunswick

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One Response to “income and expenses”

A licensed trustee said...

The income threshold for a single person household is $1926. If your income exceeds that amount then you will be required to make “surplus income payments” equal to 50% of the excess. In your case, if your disability is $2500 then your surplus income payment will be $287 <($2500-$1926)/2>. Other payments may alos be required depending on your situation – discuss this with your trustee BEFORE you file.