These amounts are the monthly total surplus income of the bankrupt over the standards, from which the surplus income payment should be calculated.

Effective September 18, 2009 the amount of your surplus income
dictates how long you remain in bankruptcy.

Our Predictor will calculate the required payments for you.

(A minimum of approximately $165.00 a month is required to cover Bankruptcy Estate costs.)

 

Example (Family unit of 2):

Bankrupt's available monthly income:	$1,800
Other family unit member's available monthly income:	$1,000
Family unit's available monthly income:	$2,800
Minus the Superintendent's standard for a family unit of 2 as per Appendix A:	$2,345
Total monthly surplus income	$455
Bankrupt's portion of the family unit's monthly income (1,800 ÷ 2,800 = 64.3 %)
Payment required from bankrupt, as per paragraph 7(2)(a) of the Directive [(455× 64.3 %) × 50 % = 146.29]	$146

(A minimum of approximately $1,665.00 over the term of the bankruptcy is required to cover Bankruptcy Estate costs.)

 

What if your non-bankruptcy spouse refuses to divulge his or her income to the trustee?

If your spouse works and is not going to file for bankruptcy, the trustee is obligated to base your monthly payments on family income including the income of the non-bankrupt spouse.  The non-bankrupt spouse can refuse to divulge his or her income to the trustee, in which case the trustee will calculate the monthly payments excluding the non-bankruptcy spouse from the calculation but only allowing 50% of the applicable Superintendent’s standards corresponding to the number of person in the family unit, including the spouse who would not divulge his or her income. 

If you wish to see how this affects the monthly payments you will be obliged to make, you can get a close approximation by using the Predictor at www.BankruptcyCanada.com

 

 

Irregular Income

11. When a bankrupt's income is irregular (e.g., sale commissions or seasonal employment), the amount that the bankrupt is required to pay to the bankrupt's estate may be deferred until the time of preparation of Form 82 entitled Report of Trustee on Bankrupt's Application for Discharge, if necessary. At that time, the average income for the period of bankruptcy would be considered for the purpose of determining the amount that the bankrupt is required to pay to the bankrupt's estate and a conditional discharge shall be recommended by the trustee for the total amount, if this has not already been paid.

 

 

How long you will be in bankruptcy: