Question: What is the common length of time under CURRENT laws that a person waits for discharge with surplus income? Is there a ladder scale based on the amount of surplus a person has and if so is a person with over $1000 surplus already paying a premium with .75 for anything over $1000 making any further extension compared to anyone else with surplus unfair.
Answer: Currently there are no set standards, which is why the proposed new bankruptcy laws will mandate that a person with surplus income is bankruptcy for a minimum of 21 months. Under current rules if a discharge hearing is called, the court decides on the appropriate length of the bankruptcy.