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Implications of bankruptcy

when you declare bankruptcy,are you allowed enough money to live on? i’ve heard cases of people moving back home with their parents,but thats not an option with me.my parents are deceased.during a bankruptcy are you allowed enough money for a place to live,food and clothing?
i intend on declaring bankruptcy,but i’m still working,what happens to my bankruptcy if i get laid off? does my bankruptcy continue when my employment does?

One Response to “Implications of bankruptcy”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

If you go bankrupt, you are required to contribute an amount each month to your bankruptcy estate based on your monthly income, and the size of your family. For example, under current rules, a family of two starts paying the surplus income once the family income is over $2,141 per month; for a family of three the limit is $2,662. These limits are indented to ensure not only people have the ability to cover their necessary expenses, but to ensure that high income earners are not able to take advantage of the Bankruptcy and Insolvency process

There are many rules related to surplus income, so you we strongly advise that you contact a licensed trustee to explain the calculation in detail before you decide to file for bankruptcy.