What would be my cost be filing bankruptcy?
cost
Posted on Monday, August 6, 2007
posted by Questions @ 11:08 am
1 Expert Comment:
At August 8, 2007 |
12:15 am
, Barton Goth, GCO, Bankruptcy Trustees Said...
The costs to file bankruptcy in Canada are based on federal legislation and vary depending on the situation. The main things you need to be aware of are as follows:
First, you will be required you to make a minimum contribution each month for as long as you are bankrupt; the minimum bankruptcy period is nine months.
Second, you are required to make an additional payment based on your take home pay each month, and the size of your family. The more you earn, the more you are required to pay each month. You will be required to send the trustee copies of your pay stubs and other income each month, and each month the trustee would calculate the surplus income payment.
Third, you would lose any tax refunds or GST credits you are otherwise eligible for during the bankruptcy period.
Fourth, you may lose certain assets (certain RRSPs, valuable cars. etc) that you own when you go bankrupt.
As you can see, the cost of a bankruptcy depends on a number of factors. To get a better idea of how these factors will be treated in your sitaution you need to discuss things directly with a local trustee and they will be able to look at things and calculate what they anticipate will be required.
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