Question: I am a self employed carpenter I have tools, truck etc. and allot of debt that i have not been able to maintain. If I go bankrupt, how is my income viewed vis a vis surplus income regarding income before/after expenses.
Answer: Surplus income payments are calculated based on your net income, or your income after expenses. Thus if you had revenue of $4,000 in a month, but you had $1,000 worth of business expenses, your surplus income would be calculated based on $3,000 per month. Your bankruptcy trustee can explain this in more detail, and can give you some example surplus income calculations before you file so that you understand exactly how much you are likely to be required to pay for surplus income while bankrupt.