Monthly income drastically reduced
Unfortunately my husband just got laid off with no expected return date. This means our monthly income will be reduced to approximately $1900 from $3000. He still has 11 months to go on a 21 month bankruptcy. I have been discharged. He was making surplus income payments of $397 a month. Can this amount be reduced because of his lower income?
Yes, the payments will be reduced in your bankruptcy if your income has been reduced.
Tell your husband to contact the trustee to get a revised payment amount.
You can calculate the revised payment by using our Bankruptcy Calculator:
- Licensed Insolvency Trustee