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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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need advice

Hello I am wondering what I should do ….I am considering filing bankruptcy how much does it cost?
What information I have to gather or do you find that out and clear it for me…???
How many years I will go without credit?

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One Response to “need advice”

Barton Goth GCO Bankruptcy Trustees said...

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

First, most 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.

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. You will be required to send the trustee copies of your pay stubs and other income each month, and each month the trustee would calculate the surplus income payment.

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

Fourth, may you lose certain assets (certain RRSPs, valuable cars. etc) that you own when you go bankrupt. Although from what you have said this does not sound like it will play a major role.

As you can see, the cost of a bankruptcy depends on a number of factors. The best thing to do is to contact a local trustee who will be able to give you an accurate estimate of the cost of a bankruptcy after reviewing your situation.