Yes! If you have surplus income and you file personal bankruptcy your process will be longer and you will be required to submit monthly surplus income reports.
A first-time bankrupt with surplus income is not eligible for an automatic discharge for 24 months and a second-time bankrupt with surplus income is not eligible for an automatic discharge for 36 months. Also, surplus income payments are adjusted based on your actual monthly income after filing. This means that if you receive a bonus, raise, extra overtime, job change or other increase in income after filing, your monthly surplus income payments will increase.
When you file a consumer proposal you:
are not required to report your monthly income after filing
your monthly payments are unaffected by increases in your income
Regardless of how much your income may increase after filing a consumer proposal, your creditors cannot come back and request an increase in your proposal payments.
