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surplus income

My husband and I are looking at filing for bankruptcy. Together we have a combined take home pay of $7400 a month. How much of that would have to go to surplus income. Also are there more advantages to filing separate bankruptcies or filing jointly? Does the trustte;s fee go up based on extra surplus income. In our case we have about $160 000 in debt, approximately how much would it cost in trustee fees to file for bankruptcy??

Posted from: British Columbia

One Response to “surplus income”

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A licensed trustee said...

I think you should start by considering a proposal to your creditors, instead of assuming that you have to file for bankruptcy.

The cost of filing any procedure is based on your family size and income. Whether or not it makes more sense to file jointly or separately is something that your trustee will discuss with you before you decide to file. There should not be a cost difference – usually it is a question of what makes the most sense for the family and (from a technical standpoint) are the debts similar.

Use the links to find a trustee in your area and sned them an e-mail or give them a call. Look at all your options, then decide what makes the most sense for you and your family.