Trustee Fees and How Do I Pay the Trustee Each Month

May 6th, 2008 by Questions

I have been informed that the Trustee fee is approx $1500.
If and when I file for bankruptcy, how do I pay the trustee each month.
1) Do I have to send him/her a cheque each month or is there direct WEB-BANKING that I can use to send the monthly $$.

Also, what method do I use to send the Trustee a monthly INCOME/EXPENSE report.
2) Do I mail it to him, fax it, or email him the report ?

Thank-you Posted from: Ontario


One Response to “Trustee Fees and How Do I Pay the Trustee Each Month”

, A licensed trustee said:

Fees are not “set” per se in a bankruptcy. The minimum cost is usually around $1500, but it varies depending on your family size, your income and the things that you own. Basically, the higher your income and the more you own the more expensive bankruptcy becomes.

In regards to payment erms, each trustee may be different. For example, we offer pre-authorized payments, while most fimrs do not. We collect a payment every month, some trustees require a substantial deposit up front. Before you file for bankruptcy make certain you understand how the payments will be calculated and made – simply ask your trustee how they handle these things BEFORE you file.

In regards to the reports, it’s the same story – some require yiu to drop them off, some will accept mail or faxes – you simply need to ask your trustee BEFORE you file how it’s to be done.

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