Hello, this is a great site and wanted to thank you for all the work you put into it. I was just wondering what a family of 4 is allowed to make during a bankruptcy and what happens if I make more than this amount. Am I still able to qualify for a bankruptcy?
Family of 4 cut-off
Posted on Monday, February 18, 2008
posted by Questions @ 8:22 pm
1 Expert Comment:
At February 20, 2008 |
9:46 am
, Barton Goth GCO Bankruptcy Trustees Said...
According to the Superintendent Surplus Income Guideline a family of 4 is allowed to make up to $3,339.
Now this guidline is used to determine you paymets, not eligibility for bankruptcy. If you make more than this amount all it means is that you likely won’t qualify for the minumum cost and you will be required to make monthly payments that are determined by a set formula.
Ultimately the formula says that you need to take the the total household income, subtract the amount allowable per the Superintendent Guideline and your payment will be 50% of the difference.
In some instances (i.e. where only 1 member of the house files for bankruptcy) this resulting amount will need to be adjusted by the bankrupt’s portion of the household income.
As you can see it is not a simply thing to discuss via this platform, but if you contact a local trustee they will be able to walk you through this calculation in a fashion that is easier to follow..
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