How to Stop CRA Garnishment After Receiving an RTP Demand Payment Letter

Ever felt the stress of unexpected financial setbacks? How to stop CRA garnishment is a question many Canadians face when dealing with debt issues and a RTP (Requirement To Pay) from the Government of Canada. Understanding the steps to halt this process can alleviate a significant amount of stress and help you regain control over […]

How Many Times Can You Do A Consumer Proposal

Ever felt like you’re stuck in a financial maze with no exit in sight? Debt can weigh you down, making every day feel like an uphill battle. But what if there’s a way to reset and start fresh? How many times can you do a consumer proposal? The straightforward answer is that you can file […]

Who Can Put a Lien on Your House in Canada?

Liens can significantly impact property ownership in Canada, often catching homeowners off guard. Understanding liens—what they are, the types that exist, and who can place them on your property—is crucial for any homeowner. This article unpacks the complexities of liens, explores potential lien holders, and discusses the consequences they can have on property sales. It […]

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What is the monthly fee for declaring bankruptcy?

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

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

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.