excess income

February 15th, 2009 by Questions

i have an opportunity for a career change which increases my income substantially and affects my total monthly surplus income.i understand the trustee can take 50% up to $1000 and 75% over $1000 in excess of original stated income.should i dismiss my career opportunity or is there an alternative.

Posted from: British Columbia


One Response to “excess income”

, A licensed trustee said:

Frankly, I am a little concerned that you’d consider forgoeing the new career path due to your bankruptcy. If you eanr more income then yuo may be required to pay (more) surplus income to your trustee. True this means you’ll pay more for your bankruptcy, but that extra money goes to repay a portion of your debts.

Take a look at how much you owed at the start of the bankruptcy (ie your debts) then consider how much extra surplu you might have to pay in the new job – I thnk you’ll find it’s still worth it to start the new career.

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