Net income during bankruptcy?

July 20th, 2011 by Questions

My question is 3 parts, thanks

If my wife and I file bankruptcy can we file separately even though we have some joint debt? If I my net income is 3,990 and hers is 700, would her term be 9 months and mine 21?
And is your monthly payment solely determinded by your net income, meaning if your income is fixed monthly and some months your expenses go down does that mean you have to pay more those months or if you income does not change do you pay the same amount each month regardless of your household expenses?

Thanks a lot for your help

Posted from: Ontario


One Response to “Net income during bankruptcy?”

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

There is no requirement to file a joint bankruptcy, it is simply done in an effort to save people administration fees.

As for determining the length, it is not based soley on your net income, but on your percentagfe of the net income. As a result, having your wife file separately may not make a difference in the length of her bankruptcy so there may not be any advantage to doing this. What I would recommend is you contact a local trustee, they will be able to look at your situation, run the numbers both ways and determine what would be the best way to proceed.

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