Hello,
I am single.
I am not employed.
I just lost my job due to my health.
As a result I am now on welfare and only receive about $850 per month.
I owe way more than I can afford to pay back as my monthly paymens on my debts come to more than I make.
Can I declare bankruptcy and if I do what will it cost?
posted by Questions @ 3:45 pm
At February 14, 2008 |
7:49 am
, Barton Goth GCO Bankruptcy Trustees Said...
There is a cost to file a bankruptcy and this cost depends on a number of factors.
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. Typically we find this is anywhere between $1600 and $2000.
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.
Third, you would lose any tax refunds or GST credits you are otherwise eligible for during the bankruptcy period.
Fourth, you 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 an idea of what you can expect your brother would pay if he were to file a bankruptcy you should contact licensed trustee in your area and he will be able to examine things and provide you an with an expectation of what would be required.
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