Surplus Income Calculation

One of the duties imposed on everyone filing personal bankruptcy is to submit monthly income reports to the trustee.  The purpose of these reports is for the trustee to monitor your monthly income and determine if you are required to make surplus income payments.

When you file for bankruptcy you are no longer making any payments to your creditors.  However, some people filing personal bankruptcy can afford to pay their creditors something.  How we determine if you are required to pay and how much is based on the Superintendent of Bankruptcy Canada’s surplus income payment guidelines.

Every year, the Superintendent of Bankruptcy Canada publishes guidelines the amount that it should cost for a family of x number of people to live without paying creditors anything.  These guidelines increase annually based on the consumer price index.  If you and your family earn above these guidelines you will have to pay a percentage of your surplus income to your creditors.

Having surplus income affects the length of your bankruptcy.  A first time bankrupt with surplus income has a 21 month bankruptcy process. A second time bankrupt with surplus income has a 36 month bankruptcy process.

The “Surplus Income Calculation Form” can be submitted in paper or email form to info@welker.ca.

All supporting documentation (i.e: paystubs, bank statements, etc.) along with payment must be included in the submission.

If you have any questions or concerns please contact our office

Download the Surplus Income Payment Calculator