Bankruptcy fees in Ontario

July 4th, 2005 by Questions

My husband had to file bankrupt. The fees are extra to any assets in the trust account. ie… income tax return, etc… I thought that, they received the income tax return and took their fees from the proceeds of that return. The leftover goes to the creditors. The trustee advised that the income tax return goes to the creditors and the fees are in addition to the money in the trust account. Please explain.

Thank you

Living in Ontario

Questions

One Response to “Bankruptcy fees in Ontario”



, Barton Goth, GCO Inc. Bankruptcy Trustees said:

Any non-exempt assets come into the trustee and are independent of the bankruptcy costs (i.e. the fees you were referring to). These assets are essentially distributed amongst the creditors, creating a small dividend, and the payments are primarily used to cover the trustee’s time, GST, and registration fees with the court and the superintendent.

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)