St. John's Newfoundland Personal Bankruptcy Blog: Maximum Monthly income allowed in Bankruptcy in Newfoundland

Posted on Monday, September 07, 2009

Question: I am considering bankruptcy in Newfoundland as an absolute last option. I have two children and a girlfriend. I am curious what is the maximum amount my household is allowed to earn before we start losing 50% of the extra? I reside in St. John's, NL and I have heard is is like $3600.00 per month before we start losing 50% of the extra income. Can you tell me the monthly maximum income allowed for a family of 4 in St. John's, NL?

Answer: The surplus income limit in bankruptcy is the same in Newfoundland as it is in the rest of Canada. In 2009 a family of four is permitted to have net income of $3,474 per month. You then pay a penalty for half of the amount you are over that limit.

The calculation depends on a number of factors, so we suggest you contact a Newfoundland bankruptcy trustee for a no-charge initial consultation to review the calculation for you in more detail.

Labels: bankruptcy Newfoundlan, surplus income

Maximum Monthly income allowed in Bankruptcy in Newfoundland

Posted on Monday, September 07, 2009

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