B. INCOME WHILE BANKRUPT:PART 2 OF 7.
The trustee at the beginning of your bankruptcy will calculate whether you will pay any income contributions during the first year and every year until discharged.
If your after tax income exceeds a certain amount you will be required to pay 50 cents of every $1.00 of the excess amount.
NOTE: Calculations is done on a formula.
Assessed income minus Actual income. Income for income-contribution purposes under the Bankruptcy Act has a wide meaning and includes certain amounts that are not included in taxable income.
Amounts will follow:
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