What About My Wages During Bankruptcy?
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Fortunately, the Trustee will not tell you how to spend your available wages (you will be required to pay the Trustee at least $200 a month for 9 months to cover the basic costs of filing bankruptcy), nor will they seize your wages from your paycheque.
In some cases, a debtor will be required to pay “surplus income” payments to their Trustee, although any other available wages will be yours to use as you see fit.
There are standards supplied to the trustee by the Superintendent of Bankruptcy which instructs the trustee to collect funds, for the benefit of creditors, from any earnings above what is reasonable for the number of people in the family and the bankrupt’s personal situation.
To find out how much you would have to pay and how long you will be in bankruptcy go to our Bankruptcy Calculator.