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Bankruptcy; this is the first thought for many individuals that are desperate to fix their financial situation. Although the majority of Canadian’s have heard the word “bankruptcy” before, many are unaware of what the bankruptcy process really entails. Because of this lack of information and these misconceptions haunting bankruptcy, we wanted to provide individuals with the reality of declaring personal bankruptcy in Canada.


Surplus Income is perhaps a poorly worded phrase. Not many people would feel that they have surplus income especially when dealing with debt. However, in the bankruptcy context, surplus income refers to a calculation that determines how much money per month a person should be paying into a bankruptcy for the benefit of their creditors.