September 24th, 2009 by Questions
I`ve read that the living expenses allowed in bankruptcy for a single person in 2009 is $1870 per month. My monthly living expenses which include rent, phone, prescriptions, food, clothing, insurance, gas, etc. are considerably more than this. What does one do in this situation? Can I be forced to move? Give up my phone? Compromise my medication?
Posted from: Ontario
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September 25, 2009 at 9:13 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
You are correct that there is an income cut off, but this isn’t what your allowed to live on, it is a number that is used to determine your cost of a bankruptcy. Now if you are in a position where you are unable to afford the cost of bankruptcy then you may be forced to cut back in other areas, but as long as you are making your required payments, how you spend your money is up to you.