Calculating Surplus Income
How is surplus income calculated in this situation:
I’m a stay at home mom but collect child tax for my two young children. My husband works full time. I am the one who is claiming bankruptcy; NOT my husband. Between my child tax and his income we are over the family of 4 threshold.
How is surplus income calculated in my situation?
The child tax credit income you receive is considered income for the purposes of calculating surplus income. Your husband’s income is to be included in the family income. He can refuse to divulge his income but if he does there will be a penalty.
You can use this information to calculate the payments required in these two scenarios by using our bankruptcy calculator:
Licensed Insolvency Trustee