Surplus Income has me a little confuesd. If i file for bankruptcy I will have surplus income in excess of $1000 per month but less than 2000 per month.
I understand that I have to pay at least 50% of this suprlus, but I also have heard it can be higher. What will determine if I have to pay more than 50%?
posted by Questions @ 7:41 am
At March 25, 2008 |
11:36 am
, Barton Goth GCO Bankruptcy Trustees Said...
It is up to the discretion of the trustee. The trustee will have to look at your means, your family situaiton, the nature of your expenses and your employemnt situaiton.
Once this is set by the trustee, if the court has concernes that this is not fair and reasonable to the creditors they could potentially require more to come in.
As well, if you have that kind of surplus you may want to consider the filing of a proposal. It will have greater certainty once accepted and a reduced impact on your credit.
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