Tag Archives: Surplus Income

Surplus Income Limits for Bankruptcy in Ontario in 2024
By J. Douglas Hoyes, Trustee
26 Mar 2024 | Category: Bankruptcy FAQ | Surplus Income | (22) comments
surplus income limits 2015

The amount you are required to pay if you declare bankruptcy is based on your income.  The more you earn, the more you are required to pay. This limit is adjusted each year, and the Office of the Superintendent of Bankruptcy has released the Surplus Income Limits for 2024, based…

Tags:
Read More

Understanding Bankruptcy Fees
By Rebecca Martyn, Trustee
12 Feb 2016 | Category: Bankruptcy in Ontario | Leave a comment
bankruptcy fees

Bankruptcy is a legal process designed to help the honest, but unfortunate debtor find debt relief. By filing for bankruptcy and completing all of your duties, you can eliminate most of your debts and get the fresh start you need to move forward. Many people are surprised to learn that…

Tags: , ,
Read More

What Happens If I Change Jobs While I’m Bankrupt?
By Joel Sandwith
11 Dec 2015 | Category: Bankruptcy FAQ | (10) comments
bankruptcy job change

You have taken the big step.  You realized you were having financial difficulties, you visited the trustee and now things are going along quite well. Until you find out that you have a career prospect in another city or even another province. You may find out you are losing your job or that you’ve been offered…

Tags: ,
Read More

7 Canadian Bankruptcy Terms You Should Be Familiar With
By Bankruptcy Ontario Trustee
14 Aug 2015 | Category: Bankruptcy FAQ | Leave a comment
bankruptcy definitions

There are many new terms you will be introduced to when you start exploring the Canadian bankruptcy process. If you’re considering filing bankruptcy in Canada the following are the most common terms your trustee might mention during your initial consultation and what they mean: 1. Bankruptcy Trustee First of all, let’s…

Tags: , , ,
Read More

How Severance Pay Might Affect Your Surplus Income
By Joel Sandwith
16 Jan 2015 | Category: Bankruptcy in Ontario | Leave a comment
severance pay bankruptcy

It’s possible that you may lose your job during bankruptcy and may become entitled to some form of severance pay. If you have been working for the company for many years, this amount can be substantial. Since severance pay is a form of income, it can affect your bankruptcy payments and…

Tags: , , ,
Read More

When Do They Calculate Surplus Income Payments?
By Rebecca Martyn, Trustee
02 May 2014 | Category: Surplus Income | Leave a comment
calculate surplus income in bankruptcy

One of the most confusing things about bankruptcy is the concept of surplus income.  You might think, I make $2,500 and spend $2,500 so I don’t have surplus income, or I make $2,500 and spend $2,000 so I have $500 surplus income.  Both examples are incorrect. Surplus income is a…

Tags: ,
Read More

Self Employed Income and Surplus Income In Bankruptcy
By Bankruptcy Ontario Trustee
22 Apr 2009 | Category: Surplus Income
self employed income bankruptcy

Question: I am a self employed carpenter and have a lot of debt that I have not been able to maintain. At the same time I have to pay for my tools, equipment truck and other operating costs. If I go bankrupt, how is my income viewed when you calculate surplus…

Tags: ,
Read More

Does Surplus Income Affect Consumer Proposal Payments
By Bankruptcy Ontario Trustee
24 Oct 2008 | Category: Bankruptcy Alternatives
surplus income and consumer proposal payment

Question: We are looking at filing either bankruptcy or a consumer proposal. Will our surplus income effect the amount we should/could offer in the proposal? To accept a consumer proposal your creditors will expect to receive, in total, more than they would receive in a bankruptcy. Your surplus income definitely will have…

Tags:
Read More