Lifetime money in insolvency law

Lifetime money is a term for the amount that is required for a single or multiple person household to live on, that is to say: food, drinks and personal care.

The term is usually used in a situation of budget management and / or debt assistance where an amount of living expenses is agreed between debt counselor and client. It is the amount by which one remains alive and although that description can be quite crude, that is what it amounts to when there are problematic debts.

The household income for a household is determined on the basis of standard amounts. In the Netherlands in 2006 the following minimum standard is used for determining the weekly living allowance: € 40 for the first person in the household and € 10 per each subsequent person. A family of five people should be able to get around with a living allowance of € 80. That amount must also be paid for any stimulants such as tobacco, but the costs of pets are also included.
For example in Belgium, the law of 26 May 2002 defined three categories, living together with one or more together € 88, single person € 132 and persons with a dependent family € 176. Only after agreement with the debtor, or judicial decision can this Law will be waived. The judge must monitor the priority payment of debts that jeopardize the right of the petitioner and his family to lead a dignified life and the right to social integration.

Rate this post:
(5.00 Punkte aus bisher 1 Bewertungen)

Other posts of category "Law and Order"