What is the cost to the trustees when going bankrupt? My son is about 20k in debt, no job, no income. what would his cost be?
Today 02/11/2012
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Each individual trustee decides what each bankrupt must contribute to the costs of the administration of their bankruptcy estate. In Ontario most trustees require a contribution of between $160 and $200 per month for a minimum of nine months (longer if you were previously bankrupt). Some trustees may also require an up front payment.
It is important to understand that there are many costs associated with a bankruptcy.
In addition to this minimum payment, the bankrupt must also make a contribution based on their income (the more you make, the more you pay). You will generally also lose your GST refunds and tax refunds while bankrupt.
Since each person’s situation is different, we suggest you contact a trustee to make an appointment to review your specific situation, and to give you an estimate of the cost of bankruptcy based on your circumstances.