Length of payments

February 12th, 2011 by Questions

If I am a first time personal going bankrupt what determines the length of time you have to make your monthly payments for?

Posted from: Ontario


One Response to “Length of payments”

, A licensed trustee said:

Your bankruptcy will run either 9 or 21 months. The length is determined 7 months after you start based on your average household income in the first 6 months. If your average exceeds the government guideline by $200 or more then your procedure is extended to 21 months. If it is lower than that it will end in 9 months.

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