Surplus Income
After going through financial distress for roughly a year now, and not being able to make payments to my creditors I`ve decided to start the process of claiming.
I fear that when I do, my family will suffer more so than we already do financially. I am a single mom of three and make roughly 30,000 per year. Does this mean that all money I bring in goes to creditors and trustee fees and doesn`t leave any allowence for clothing/extra cirricular activies/etc.? I want to get a second part time job to speed up my recovery of this sooner, will this affect the surplus that I`ve read about? What is the amount I could expect to be left with each month with my salary?
Thank you…
As a family of 4, the government has determined that your household requires income of $3,339 net to maintain a reasonable standard of living. If you gross $30K then your takehome pay plus child tax benefits, etc. likely add to less than that amount which means you may not be required to make any surplus income payments. (I should caution you that support payments, if you receive any, are included when determining your household income). I supsect the only cost you will be required to pay is the basic cost of filing for bankruptcy.