surrendering items

August 7th, 2005 by Questions

What if you don\’t have any items to surrender other then your normal stuff. For example if you don\’t own anything. I live with my parents and I don\’t have anything to surrender are you still able to claim bankruptcy. How much does bankruptcy usually cost.

thanks

Questions

One Response to “surrendering items”



, Barton Goth, GCO Inc. Bankruptcy Trustees said:

As long as you owe greater than $1000, are unable to pay your debts as they become due and reside in or carry on business in Canada, then you are eligible to file bankruptcy.

However, 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, 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. Click on the Contact an Expert link on the right hand side of this page to find a trustee who can give you an accurate estimate of the cost of a bankruptcy in your situation.

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