bankruptcy and future earnings

March 6th, 2009 by Questions

i have a debt of 26000 or so. I was in oil and gas. Now I`m unemployed. I`m considering bankruptcy because I have to pay minimum 400 dollars or so a month on debt before insurance, rent, food.
How long does it take to file and complete the process?
If I were to go to the office and declare bankruptcy, how long before everything is settled? If I have tax returns in coming, will they take that? What future income will they take?

Posted from: British Columbia

Questions

One Response to “bankruptcy and future earnings”


March 06, 2009 at 10:05 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

A bankruptcy is quite a quick process to start. All you need to do is contact a local trustee and they will assist you from there. Typically you can have everything filed within about a week from that meeting.

As for the average length of bankruptcy, it is somewhere between 9 to 12 months, as long as you keep up on your duties and responsibilities. One of which is monthly paymnets, these payments are based on your income and measured every month that you are in bankruptcy. So this is likely the future payments you are referring to and you can reference this link for more details:Surplus Income Obligation.

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