2 questions
1 - if i have lived in 2 provinces and declare bankruptcy, do I have to have 2 trustees and pay them both or how does it work?
2 - if i do file for bankruptcy how much will it cost?
Filing a bankruptcy, where to file and how much will it cost?
Posted on Thursday, May 22, 2008
posted by Questions @ 7:09 pm
1 Expert Comment:
At May 27, 2008 |
10:14 am
, Barton Goth GCO Bankruptcy Trustees Said...
When filing a bankruptcy you are to file where your principal residence is at the time of the filing of the bankruptcy. So if you are currently living in Edmonton you would file in Edmonton.
As for the cost of a bankruptcy this will depend on a number of factors.
First, you are required you to make a minimum contribution each month for as long as you are bankrupt. This is often referred to as the minimum cost of a bankruptcy and it is set be each individual office.
Second, depending on your monthly take home pay and the number of people in your household you may be required to make an additional payment. This is often referred to as 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 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 would be best to simply contact a local trustee.
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