What does it cost to file for bankruptcy?
The cost of filing for bankruptcy depends on your financial situation and two primary factors: the amount of your income and the value of your assets. The costs are regulated by the government and are dependent by these factors:
- If your income is below a certain minimum defined the government as necessary to support your normal living expenses and you have no assets or assets of minimal value, then the cost could be a little as $200 per month payable over 9 months
- If you have income over the government threshold and or some assets of value the costs are determined by a government formula and are the same for all Trustees
- The important thing to focus on is not the cost but the benefit you receive by having your debts eliminated. The cost you pay is usually a small portion of the debts that are forgiven or eliminated
- When you meet with a Trustee during your initial consultation, the Trustee can outline the costs of you filing for bankruptcy.
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How much will you have to pay and how does it affect the cost of your Bankruptcy?
I received my Discharge from Bankruptcy earlier in the week, and I just wanted to thank you for helping me through this process. Before meeting with you I stressed out and terrified about my future; now I’m a lot less stressed (the job market still isn’t great), and a lot more hopeful.
I appreciate everything you’ve done, and if I know anyone needing similar help (I hope not), I will definitely refer them to A. Farber and Partners.
Wayne B (Toronto)
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