Posts Tagged ‘bankruptcy trustee’

2020 Surplus Income Standards

The Government of Canada has set net monthly income thresholds for a person or family to maintain a minimal standard of living in Canada. Every dollar that a bankrupt family makes above this level is subject to a surplus income payment of 50% while a person remains bankrupt.

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2019 Surplus Income Standards

The Government of Canada has set net monthly income thresholds for a person or family to maintain a minimal standard of living in Canada. Every dollar that a bankrupt family makes above this level is subject to a surplus income payment of 50% while a person remains bankrupt.

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2017 Surplus Income Standards

The Government of Canada has set net monthly income thresholds for a person or family to maintain a minimal standard of living in Canada. Every dollar that a bankrupt family makes above this level is subject to a surplus income payment of 50% while a person remains bankrupt.

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2016 Surplus Income Standards

When an individual files for personal bankruptcy the trustee will calculate whether or not he will be required to make surplus income payments based on his net household income.

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Receiving a Windfall While Bankrupt

Any assets or property that you receive or become entitled to receive, before your discharge from bankruptcy, can be seized by the trustee and distributed to your creditors. As a bankrupt, you must report any windfalls to your trustee and failure to do so could cause difficulties in obtaining your discharge from bankruptcy or even after you have received your discharge.

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