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

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

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