2011-04-06
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
2025-08-05
Bankruptcy Consumer Proposal
Losing your job can be frustrating and, even more so, managing your financial wellbeing while you’re unemployed. However, you can successfully navigate the situation with the right budgeting tips.
2025-08-04
Since it’s impossible to predict or prevent most medical conditions or emergencies, the best way to handle them is by planning and preparing for them.
2025-08-01
If you are considering filing for Bankruptcy, it is important to understand the impact on your employment and salary.
