What is the monthly fee for declaring bankruptcy?

March 18th, 2015 by Questions

What is the monthly fee for declaring bankruptcy, as well as the overall cost for a 9 month period? Does 200 dollars per month include court hearing and everything else that is necessary. What would be approximate cost for someone that has no or minimum income. Is it possible to pay 1,800 in full and declare well-fare if there is no work available.

Posted from: Ontario

Questions

One Response to “What is the monthly fee for declaring bankruptcy?”


March 18, 2015 at 9:16 am, Jillian Taylor-Mancusi, Trustee | B.A. | C.I.R.P said:

When you file an assignment in bankruptcy you are required to make monthly payments as per Directive 11R of the Bankruptcy and Insolvency Act. This section of the Act defines surplus income by taking into account your income, your non-discretionary expenses as well as your household size. If it has been determined that you do not have surplus income as defined by the Directive the trustee may ask that you pay a minimum monthly fee. From the information in your questions, it appears that the trustee you were speaking with has asked that you pay $200.00 per month. This amount may vary depending upon the arrangements you make with your trustee. If you do not have surplus income you may want to pay the amount asked in full, however should your monthly surplus vary you may want to consider making those payments monthly. If you are required to attend a court hearing for something such as your discharge application you may find that the Court orders a conditional order of discharge which may state that additional funds are payable. It is really necessary to meet with a trustee to determine how the trustee deals with these particular matters. You can always talk to another trustee to compare minimum payments.

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