Category: Surplus income

• Bankruptcies

This is Part II of our |Surplus Income blog describing some of the practical components of calculating surplus as well as dealing with mediation or court adjustments.

• Bankruptcies

Surplus income is something that all bankrupts, and their Trustees, must consider – in Part I we look at the history of surplus income in Part II we will take a more practical view.

• Insolvency News

The Bankruptcy and Insolvency Act has a provision (under Section 68) requiring that individuals who make more money than the Government’s Low Income Cut Off (“LICO”) should pay half of that extra or “surplus” for an additional period of twelve months. If that thought seems a bit overwhelming it is not surprising, the whole surplus […]