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Wage exemption during bankruptcy

My understanding is that you are exempt 2K a month in wages. What's the formula for payments to the trustee if you make more than that? Half of everything over the 2K limit?

Answer

The exempt amount for a single person based on the Superintendent of Bankruptcy's guideline on income is $2006 of take home pay ie after tax. If a single person makes more than $2006 take home per month, the amount above $2006 is referred to as Surplus income. The payment required is 50% or half of the surplus for 21 months for a first time bankrupt. The payment period is extended to 36 months for a second time bankrupt.

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