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How much will I have to pay in surplus income if I go bankrupt?

surplus-income-if-i-go-Bankrupt-2There are monthly income thresholds for a person or a family to maintain a reasonable standard of living in Canada.

Every dollar that a bankrupt family makes above that level is subject to a surplus income payment of 50% for the time while a person remains bankrupt. If your average surplus income each month is greater than $200 over the limit, your bankruptcy is automatically extended.

  

 

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Thank you and the staff of A. Farber & Partners for their outstanding service in helping my wife and I turn our lives around. We couldn’t have done it without your help. We know we picked the right people to help us.

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Don (Etobicoke)

 


 

How much will I have to pay in surplus income if I go bankrupt?

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