Understanding Surplus Income And How Surplus Income Is Calculated

2012-02-24   minute read

Watch the video or continue reading below. In a bankruptcy there are 2 types of payments that a person may have to make in a bankruptcy towardsthese receipts.Voluntary PaymentsSurplus Income Surplus income payments are set by the Office of the Superintendent of Bankruptcy. They are based on your net income, the number of people in your family unit, and certain allowable expenses. These payments should be the same everywhere in the country. What can vary, however, are the “voluntary payments.” The Trustee is going to ask that a certain minimum in receipts be in the file in order to cover the counselling sessions that you will have to do, the government registration fees, something for disbursements, and something towards the Trustee’s time. These voluntary payments could vary by Trustee, by region, and by the amount of work that there will be on the file. For more information on surplus income or voluntary payments, pleasecontact me directly or consult ourBankruptcy FAQ.

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