Glossary of Terms
Bankruptcy / Proposal / Financial Glossary |
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| Surplus Income | The Superintendent of Bankruptcy sets standards for surplus income based on the number of people in your household. These standards set out the amount of net family income you can make before you have surplus income. Certain expenses (for example, medical expenses, child care expenses, or necessary employment expenses) are taken into account when establishing your net income. The amount of surplus income payable into the bankruptcy estate is then calculated based on these standards. This amount is subject to change if there are material changes in the personal or family situation of the bankrupt, or if the official receiver so recommends. The Superintendents Standards can be viewed at: http://strategis.ic.gc.ca/epic/site/bsf-osb.nsf/en/br01055e.html#appA. The amount required for payments in a bankruptcy would be discussed with the Trustee appointed to administer the bankruptcy at the time of filing the bankruptcy. |
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