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saw a trustee

I saw a trustee who saw all my financial record/situation and told me that based on my income I have no option but bankruptcy. He would take a certain amount of money from my paycheck for a year and my income tax should also be given him for one year, he said that was it. I heard it stays on your record for 7 years. What would happen if my financial situation got better at the 3 year mark? Would my surplus income be his or mine?

One Response to “saw a trustee”

Barton Goth GCO Bankruptcy Trustees said...

A typical bankruptcy is somewhere between 9 and 12 months. So if your financial situation improves at the 3 year mark it won’t have any impact on your bankruptcy, but will likely allow you to rebuild your credit quicker.