November 22nd, 2012 by Questions
If my only source of income is disability income, approx. how much goes to my bankruptcy
Posted from: British Columbia
November 22, 2012 at 7:51 am, A licensed trustee said:
The type of income you have makes no difference when you file for bankruptcy – wages, pesnions, disability, trust, interest, etc are all subject to the same rules – the Surplus Income Directive 11r.
For example, a single person household is allowed to have total income of $1980 without any penalty. Id their income exceeds $2180 then the penalty is 50% of every over $1980.
So, compare your disability income to $2180 – if it is less then all you’ll pay is the cost file ($1800 in mst cases). If it is higherv than $2180 then you’ll pay additional penalties too.
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