9 months or 21?

November 21st, 2013 by Questions

Is the amount of your income that determines weather your bankrupt for either 9 months or 21 based on your income before filing or what you make in the first 9 months?

Posted from: British Columbia

Questions

One Response to “9 months or 21?”



November 21, 2013 at 9:07 pm, A licensed trustee said:

Actually, it is based on your income during the first 6 or 7 months of your bankruptcy. In month 7 or 8 your trustee will determine your average income for the first 6 or 7 months and if your average household income is greater than the government standard for the number of people in the household then the bankruptcy will run for 21 months. If it is at or less than the standard it will run for 9 months (assuming all other duties are performed as required).

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)