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How Much Does A Bankruptcy Cost?

All bankruptcy fees are based on rates dictated (and regulated) by the Federal Government under the Bankruptcy Insolvency Act. Your fees could be as low as $150 per month, depending on your financial situation (income level, assets owned, etc.) and we allow you to pay these fees over a period of time.

cost of bankruptcyBest of all, instead of having to write a big pile of cheques to all of your creditors each month, once you file for bankruptcy you’ll only have one simple payment to make each month – to your Insolvency Trustee.

Many people ask us: “But don’t I have to pay your firm for their services, too?” The answer is yes, but the good news is that your one monthly payment covers the InsolvencyTrustee’s costs (administrative fees, court and mailing costs, etc.) as well, so you won't have to make additional payments, and your payments will always be lower than before.

And keep in mind, there is no charge for your initial free, confidential consultation, so you will always know how much money you'll be saving once you file for bankruptcy.

When Do My Monthly Payments Begin?

Once you tell your Insolvency Trustee that you would like to proceed with creditor protection, we will compile the legal documents. You sign these in the presence of the Insolvency Trustee, and your paperwork will be legally commissioned and witnessed in your presence. At the end of that meeting, you will be required to make your first payment to the Bankruptcy Estate.

Subsequent monthly payments (for the balance of your bankruptcy) can be made by pre-authorized payment, right from your bank account. And we will even set that up for you. It’s convenient and simple.

How Does The Trustee Determine What You Will Pay Each Month?

The calculation of your monthly payment is based on a number of factors (all legislated by the Canadian Bankruptcy & Insolvency Act):

  • Your monthly income (and that of your household)
  • The assets you own
  • The size of your family unit
  • If you had a previous bankruptcy


In a Personal Bankruptcy, you could be under protection from your creditors for as short a period of nine months, but some bankruptcies do extend up to 36 months, depending on the factors listed above.

Free Bankruptcy Advice

In order to better determine what you qualify for, we recommend you meet with one of our managers for a free, face-to-face confidential meeting at any of our 50+ Insolvency Trustee offices located across Ontario. Please call us toll-free today by dialing (844) 507-7526, or fill in the form below to request a free, no-obligation consultation with one of our debt professionals.