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

"*" indicates required fields

Name

This field is for validation purposes and should be left unchanged.

Name*

Phone Number*

Email*

This field is hidden when viewing the form

What's the best time to contact you?*

Location*

What city do you live in?*

Total Unsecured Debt*

*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.

This field is hidden when viewing the form

Source

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.

Agreement*

I understand that Bankruptcy-Canada.ca does not provide debt relief services directly and agree to securely share this information with a local Licensed Insolvency Trustee (LIT) for a free, confidential consultation.

Select Trustee By Province

T. Beach

What are the fee rates for trustees for managing a Consumer Proposal in Ontario?

Posted from: Ontario

Share this post:

X (Twitter) Facebook Pinterest LinkedIn Email

One Response to “T. Beach”

A licensed trustee said...

The rates trustees are paid to administer a consumer proposal are set out in the Bankruptcy and Insolvency Act as follows: $1500 fee to prepare the proposal and 20% of all distributions to creditors. There are some other administrative costs that they are allowed to re-coop, but the two items I’ve listed are the only fees a trustee is allowed.

In most cases, these fees are dealt with as part of your regular payments towards the proposal. For example, if you are to pay $300 for 48 months into your proposal, your trustee will receive the first 5 monthly payments as their preparation fee (the $1500) and then every six months your trustee will send payments (called dividends) to your creditors. 20% of whatever the creditors receive will also be paid to the trustee as a fee.

If someone is asking you for additional payments or fees BEFORE you file you should contact the Office of the Superintendent of Bankruptcy to discuss their conduct.

Also be very careful not to get caught by some debt consultant – these folks charge a fee (often quite high) and then refer you to a trustee. Don’t pay some one else for something that you can get for free by simply calling a trustee directly….