FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

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How can we help you?

If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Personal Bankruptcy Fee

If I declare personal bankruptcy in Canada is there a fee and for how long?

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One Response to “Personal Bankruptcy Fee”

A licensed trustee said...

Yes, there is a cost to go bankrupt in Canada.

The amount you are required to contribute to your estate while bankrupt depends on a number of factors.

First, most bankruptcy trustees will require you to make a minimum contribution each month for as long as you are bankrupt; the minimum bankruptcy period is nine months, but if you have been bankrupt before, or if you have income over the government set limit, your bankruptcy could last longer.

Second, you are required to make an additional payment based on your take home pay each month, and the size of your family. The more you earn, the more you are required to pay each month.

Next, you would lose any tax refunds or GST rebates you would otherwise get during the bankruptcy period.

Finally, you lose certain assets (certain RRSPs, valuable cars. etc) that you own when you go bankrupt.

Tcost of a bankruptcy depends on a number of factors, so I suggest you Contact a Trustee to review your specific situation and tell you how much a bankruptcy may cost for you.