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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Bankruptcy fees in Ontario

My husband had to file bankrupt. The fees are extra to any assets in the trust account. ie… income tax return, etc… I thought that, they received the income tax return and took their fees from the proceeds of that return. The leftover goes to the creditors. The trustee advised that the income tax return goes to the creditors and the fees are in addition to the money in the trust account. Please explain.

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Living in Ontario

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One Response to “Bankruptcy fees in Ontario”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

Any non-exempt assets come into the trustee and are independent of the bankruptcy costs (i.e. the fees you were referring to). These assets are essentially distributed amongst the creditors, creating a small dividend, and the payments are primarily used to cover the trustee’s time, GST, and registration fees with the court and the superintendent.