decrease in income
September 13th, 2012 by Questions
Hi, I recently became ill and went off on short term disability, I am making 1565 every two weeks for 90 days, So I will have a surplus income. I need to get surgery so after the 90 days I will need to go on long term disability or employment benefits. My question is, If I start out my bankruptcy having a surplus income for 3 months, and then make less after for the remainder of my bankruptcy will I still be bankrupt for 21 months or will it decrease to 9 months?
Posted from: Nova Scotia
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September 13, 2012 at 9:22 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
It will all depend on your average income. If your average income over the term of the bankruptcy is less than the amount allowable per the surplus income calculation, then your term is 9 months (for a first time bankrupt). If the average income is larger it likely will be extended to the 21 months.