Does Surplus Income add to the cost of bankruptcy?

October 12, 2012 10:44 pm Published by

On top of the trustee fee and your loss of assets, a bankruptcy may cost you some of your income, depending on how much you earn and the size of your household. The principle is that, if you earn more than your household needs to survive, you must pay the Surplus Income to your trustee for the creditors. The Office of the Superintendent of Bankruptcy determines the income that you can keep through their Income Standards based on the number of people in your household. The more you earn, the more expensive filing for bankruptcy will become.