Retention of Cash When Filing For Bankruptcy
December 1st, 2011 by Questions
I lost a well-paying job several months ago and have little prospect of gaining meaningful employment anytime soon. I have been maintaining monthly interest payments on approximately $150K in credit card debt from my savings but realize that I have no hope of ever paying this off so I am contemplating bankruptcy. My only income is Employment Insurance and I have never been bankrupt before, so I would probably be a nine bankrupt. My monthly expenses are approximately $1K more than my Employment Insurance income and I have been making up the difference from my savings. Assuming my monthly expenses are reasonable, would the trustee let me keep $9K from my savings to make up the deficiency I will experience during the nine months before using the balance to pay creditors?
Posted from: Ontario