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wage cut during bankruptcy

Hi,

I am not sure if I want to go on bankrupt or not. I owe over $100, 000 on lines and credit cards and unable to pay my bills any longer.
I take home about $2800 a month after cuts. I am single and live in ontario. No family and kids.

If I go bankrupt, I know most of my wage will be cut to given out to my creditors. I dont know how much of it will be cut off. Is there a formula to figure out how much of my wage will be taken?

I heard that first $800 of my wage will be given to me and rest is taken. I am not sure if this is true. If it is than I cannot survive with $800 a month and cant go bankrupt.

What are my options?

Thanks in advance.

Mitch

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One Response to “wage cut during bankruptcy”

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

You are correct that there is a formula that determines what you can keep, but the cut-off is not $800. Given your location I would recommend you reference the following links to get a better understanding of the way this formula is applied: surplus income payments and surplus income worksheet.