Income Decrees after filing for bankruptcy

April 6th, 2011 by Questions

After filing for bankruptcy, if my income was to go down what, would happen to the surplus income being paid and length of time? currently its 21 months due to having the extra income would it drop down to 9 months if the income was less then the standards.

Posted from: Ontario


One Response to “Income Decrees after filing for bankruptcy”

, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

This would all depend on when it goes down and by how much the decrease is. What the trustee must do is at the 8th month mark take an averae of your income and apply the surplus income calculation, if your average income is $200 or more higher than the amount allowable, then there is the automatic increase to 21 months for 1st time bankruptcy. But if it is lower than you are looking at the 9 month length. This is regardless of what was projected at the begining.

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