cost of bankruptcy: approximately how much does it cost to go thru bankruptcy in Canada?

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cost of bankruptcy

Anonymous QuestionQuestion asked:

approximately how much does it cost to go thru bankruptcy in Canada

?

Filed under: Bankruptcy
Posted on Monday, January 15, 2007 10:04 pm 1 Comment
1 Expert Comment:
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There are a number of factors that determine what the total cost of filing a bankruptcy in Canada will be.

First, most trustee’s will require you to make a minimum contribution each month for a minimum of 9 months.

Second, every bankrupt is required to follow a calculation to determine if any additional payments must be made (i.e. surplus). This is based on a guideline that takes into account your take home pay each month and the size of your family. This guideline is sent to every trustee in Canada and is meant to equalize the cost of bankruptcy dependent on your situation.

Third, you would lose any tax refunds or GST credits you are otherwise eligible for during the bankruptcy.

Fourth, if you have any non-exempt assets (i.e. certain RRSP’s , Luxury goods, etc.), proceeds must be realized from these.

As there are a number of things that must be considered, the best thing to do is to click on this link to contact a licensed trustee in your area. After reviewing your situation they will be able to give you an accurate estimate of the cost of a bankruptcy you should anticipate.

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