May 17th, 2006 by Questions
I realize that there are government imposed income threshold amounts but I am a bit confused as to surplus income? As I understand it, if the threshold is $1755; I earn $1955, $100 ($200- 50%) is considered surplus. What if my expenses/spending do not equal $1855 for the month? Say they come in at $1655. I read somewhere in a blog that one has to submit receipts. So what happens to that additional $200, can I keep it in the bank for “emergency” expenses/savings or is it also taken into the estate? What if I choose to purchase an item instead? Will that be repossessed until such time I am discharged? Another question, what exactly make up the household furnishings exemption? I know the more evident items but what about everyday things like cutlery, towels, CD’s, toaster,etc. What about a generator or lawn mower, etc?