Cost

Unfortunately, trustees are not permitted to advertise their “fees” or payment terms, so I can’t give you a direct answer.

I suggest you try doing a search on the net for “bankruptcy saskatchewan” and then contact a local firm for an answer.

I can help explain a little bit about how trustees are paid and this point often confuses people.

You need to understand that the money you are required to pay your trustee every month is actually being paid into a trust account and not to the trustee. The amount that the trustee will be paid is based on a schedule set out in the Bankruptcy and Insolvency Act by the government and it will come out of your trust account before any money is paid towards your debts.

For instance, if you have money in a Canada Savings Bond and you file bankruptcy that money will end up in your trust acocunt. If you receive a tax refund and GST cheques that money will end up in your trust account.

In addition, most trustees require a monthly payment – the payment is based on your after tax income and the government has established a schedule of how much you have to pay based on what you earn and the size of your family.

I apologize if this seems confusing – just try to remember that the money you pay to your trustee isn’t going to the trustee, it is going into a trust account to be used to pay the trustee, your court costs and your creditors.

When you find the trustee you want to deal with make certain you understand how much you will be required to pay each month and why you are making the payment – you need to be comfortable with how the process works if you want to get through it as quickly as possible.