Payments To Trustee

2011-04-06   minute read

The Office of the Superintendent of Bankruptcy has set minimum standards for surplus income payments to be made to the Trustee. These payments depending primarily on the net family income, number of persons in the family unit and certain non-discretionary expenses.Assuming there are no non-discretionary expenses for a first-time bankrupt whose income is $3,450 per month and who has 2 dependents would be required to make 21 monthly surplus income payments of $251. A second time bankrupt would be required to make the payments for 36 months. The surplus income payments do not include any additional amount that may be required to repurchase the equity in any non-exempt assets. In order to your discuss your situation in more detail, please contact one of our offices to set up a no cost, no obligation consultation. A listing of our Ontario offices can be foundhere. Marvin Zweig, CA, CIRP, Trustee Markham, Ontario