Question Asked...
During a bankruptcy does the trustee take all monies monthly after the alloted limit? For example our monthly household income (net) for the 2 of us is $3200.00, now we are allowed roughly $2100.00 under the bankruptcy to live, does that mean roughly $1100.00 goes into trust.
I guess what I am trying to say is 100% of the surplus going back to the trustee?
Thanks for the advice, your website is very helpfull at this unfortuneate time of my life.
Where the bankrupt’s total monthly surplus income is equal to or greater than $1,000 (your surplus is defined as the difference between your monthly net household income and the allotted), at least 50%, but no more than 75% of the surplus is the amount that is to be paid to the trustee each month. While each jurisdiction has slightly different practices, in Alberta, the typical practice is to use 50% of the surplus, but this could differ depending on your income, the jurisdiction you live, or your trustee.