Monthly payment to the trustee?
September 10th, 2015 by Questions
Hello there, What is the amount I need to pay a monthly payment to the trustee? Thank you.
One Response to “Monthly payment to the trustee?”
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September 10, 2015 at 10:04 am, Jillian Taylor-Mancusi, Trustee | B.A. | C.I.R.P said:
Directive 11 of the Bankruptcy and Insolvency Act outlines the formula that the trustee would use to determine your ability to pay. This formula is based on your net monthly income and takes into account the family responsibilities i.e. number of dependents as well as some non-discretionary expenses such as child care, spousal support, medical expenses, etc. As such your ability to pay may change monthly if your circumstances change.
Trustees will normally have minimum amounts that have to be paid per month, notwithstanding that you may be under the amounts required to pay in Directive 11. These minimum payments are usually designed to cover the costs of the administration of the bankruptcy where there are no assets available. The amount that the trustee charges will be based on the trustee’s individual policies and may vary from trustee to trustee. If you contact a trustee in your area they will be able to give you those amounts.