Tag Archives: Surplus Income

Why File Consumer Proposals

Why File Consumer Proposals

Why File Consumer Proposals? People choose to file consumer proposals for different reasons.  The most common are: To Stop Garnishments Consumer proposals stop garnishments immediately.  The moment that your Trustee files your Consumer Proposal with the Office of the Superintendent of Bankruptcy a stay of proceedings comes into effect.  This means that your creditors are stayed; in other words their collection efforts are legally paused.  They can only contact your Trustee and can only vote in favour or against your ...

Surplus Income

The Short Version Bankruptcy is geared to income just like some rent is geared to income; the more you earn, the more you pay.  You report your income on a monthly basis during your bankruptcy and your payments will be based on your actual average earnings.  Unusual bonuses or irregular income will be averaged. The Longer Version The government decides how much it costs for a family of 1 to 7 people to live on a monthly basis each ...

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