FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

"*" indicates required fields

Name

This field is for validation purposes and should be left unchanged.

Name*

Phone Number*

Email*

This field is hidden when viewing the form

What's the best time to contact you?*

Location*

What city do you live in?*

Total Unsecured Debt*

*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

This field is hidden when viewing the form

Source

How can we help you?

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.

Agreement*

I understand that Bankruptcy-Canada.ca does not provide debt relief services directly and agree to securely share this information with a local Licensed Insolvency Trustee (LIT) for a free, confidential consultation.

Select Trustee By Province

Payments during my Bankruptcy

I have declaired bankruptcy, and my lawyer has determined that I have to make payments of $294.00 for 15 months. I have made the first few, but now find myself borrowing money and without any savings at all. My lawyer now informs me that as of my 7 month re-assessment my payment will go up to 376.00. Short of not working as much, what can I do to reverse this effect. If this does happen, I am not going to be able to make these payments, as it is I have already missed the last 2, due to annual expenses. What can I do?

Share this post:

X (Twitter) Facebook Pinterest LinkedIn Email

One Response to “Payments during my Bankruptcy”

Barton Goth GCO Bankruptcy Trustees said...

There is nothing you can do to impact this. The standard is sent to every trustee in Canada and is based on your existing income during the regular course of the bankruptcy. As such, it is a calculation that you should be doing monthly and the amounts are to be remitted based on your net monthly income (i.e. in the months you have higher income you will make a higher payment from that months income). If you feel there is something unique about your situation which demands review you could present your circumstances at the discharge hearing and see if the judge would overrule the guideline. Although I have yet to see this type of application be successful.