Tag Archives: surplus income

One of the most important concepts to understand before you file bankruptcy in Canada is surplus income. Here’s the concept: The more you earn, the more you are required to pay while you are bankrupt. The concept makes sense. If you are a doctor earning $200,000 per year and you…

*Please note this article was updated with the 2018 surplus income limits Some of the biggest questions that people have when filing bankruptcy has to do with surplus income and how it will affect their debt repayment plan. Here are the top 10: What is surplus income? When you file for bankruptcy…

Part of the cost of filing bankruptcy in Canada is the requirement to pay surplus income. In determining how much you may have to pay, all sources of income are included in the calculation of surplus income, including vacation pay. While you are bankrupt you are required to provide your trustee…

Income will impact two elements of personal bankruptcy in Canada: the amount you are required to pay, and the length of your bankruptcy. If your net income is below the surplus income thresholds set by the government, and if this is your first bankruptcy and there are no objections to…