How much can you EARN & KEEP after filing for Bankruptcy | Paul J. Pickering

How much can you EARN & KEEP after filing for Bankruptcy | Paul J. Pickering

How much can you earn & keep after declaring bankruptcy?

  1. Income Threshold Chart – the following chart shows how much NET income you are able to earn and keep monthly while in bankruptcy in Ontario. You will be required to submit family earnings monthly.

Family size 1: $2,062; Family Size 2: $2,567; Family Size 3: $3,156; Family Size 4: $3,831; Family Size 5: $4,345; Family Size 6: $4,901;Family Size 7: $5,456

  1. Surplus Income – Surplus income is income that you earn over and above the amounts indicated in the chart above. 50% of every NET dollar you earn in addition to the above amounts is paid as surplus income while in bankruptcy.

Example: John and Susan are married and have no children. They have a combined NET income of $2,967.00 monthly. Here is the math to determine their surplus income payment.

$2,967.00 – $2,567.00 = $400.00 * .5 = $200.00*

John and Susan would be would be required to pay $200 in surplus income*

*Other factors such as child care expenses, support payments, child tax benefits, medical expenses can affect these numbers


They Understood And Made Me Feel That I Was No Onger Alone| Sept 29, 2015

When I came into Paul Pickering’s office for the first time, I had no idea what to expect and was feeling scared and so embarrassed. They understood and made me feel that I was no longer alone. I had help, and support. They made everything so easy and I learned a lot along the way about money and how not to get in this position again.Why did I wait so long | Jan 06, 2014

About Us

“We started this business in 1990 to provide one on one financial solutions. We are here to help you through your solution with dignity, respect and the highest confidence in your future.”

Paul J. Pickering CPA CA CIRP LIT

Paul J. Pickering and Associates Limited (formerly Paul J. Pickering Limited) was founded in 1990 with the ideas and thought of helping individuals deal with personal debts and the process of financial rehabilitation.

Paul Pickering graduated from the Ivey School of Business, University of Western Ontario in 1976. In 1980 Paul received his Chartered Accountants designation and his Trustee licence in 1988.

While working for a national insolvency firm, Paul saw the need of providing financial services on an individual basis without the structure of a large imposing firm. On November 1, 1990, the firm was born.

Since 1990, the firm has continued to provide one on one service to London and area. All facets of the Bankruptcy process or Proposal process are conducted within the office. Unlike other firms, we do not use contract facilities to provide the counselling required under the legislation.

All consultations are free of charge because we encourage people to understand the process. We leave the decision to the individual as to how they wish to resolve their financial situation.

Our goal is to treat everyone facing financial difficulty with dignity and respect.