What Happens When Income Increases During The Course Of A Bankruptcy

2011-11-04   minute read

Hello, A first-time bankrupt is eligible for a discharge after 9 months (no surplus income) or 21 months (with surplus income).  A second-time bankrupt is eligible for discharge after 24 months (no surplus) or 36 (with surplus). If your income increased during the course of the bankruptcy (or was higher than originally reported), it may cause your bankruptcy to be extended from 9 to 21 months assuming this is a first-time bankruptcy.  The Trustee must notify the bankrupt, creditors and the Office of the Superintendent of Bankruptcy regarding this change. It is recommended that you contact your own Trustee for guidance on your specific issue. Brad Milne CIRP Brandon, Manitoba

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