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*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.

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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 Super Intendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Trustee fees

How do trustees charge for a consumer proposal?? Is it a percentage of the debt??

If we have equity and no cash – how do the trustee and creditors get paid??

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2 Responses to “Trustee fees”

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

The way fees are calculated for a consumer proposal is legislated. Based on the figures you provided I have estimated the cost would come to approximately $5800.00. If you are being quoted a different amount I suggest reviewing the calculation with the trustee of contacting a different trustee for a quote (see “Find a Trustee” on the left hand of the page).

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

The administration fees are based on a tariff that is contained in the Bankruptcy & Insolvency Act. The tariff is dependent on how much money is offered to the creditors and can fluctuate greatly. Typically these fees are factored into the monthly payment that you make and are paid out of the total funds that are proposed. For a detailed calculation of what would be necessary for you to contribute to cover the creditors repayment and the administration fees contact a licensed trustee in your area and he will be able to detail both of these.