What happens to my wages during bankruptcy?

January 24, 2010

 

While you are in bankruptcy, you must report your income to the Trustee every month. In general, however, the money you make after your bankruptcy has started belongs to you, and typically, the Trustee won’t interfere with your earnings.

You will, though, be under some income restrictions. The Superintendent of Bankruptcy sets standards that dictate what is a reasonable net income level for you based on the number of people in your family and your personal situation. Any amount of money you earn above that level will be collected by the Trustee and distributed to your creditors.

A Texas bankruptcy attorney can help you understand how bankruptcy will affect your wages and answer any questions you may have about Texas’ bankruptcy laws.

 

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