Cost of Filing Bankruptcy in Ottawa

The cost of filing bankruptcy in Ottawa will depend on a number of factors including your current income, family size, and assets. Also, there are also some additional costs you’ll want to keep in mind.

First, you will usually need to make a payment to your bankruptcy estate in order to cover the government filing fees, mailing costs, court fees and other administrative costs.

Further, you will be required to pay a portion of your “surplus income” into your estate. If you and your family earn over a given amount each month, you will lose a fraction of your earnings over that limit. Calculating this amount can be quite difficult, so we recommend giving a pay stub to your bankruptcy trustee. From the pay stub, your trustee will be able to estimate the amount of “surplus income” payments you will need to make.

In addition, it is important that you understand which of your assets you can keep as bankruptcy exemptions during a bankruptcy in Ottawa, as you will lose any non-exempt assets. You will also lose any tax refunds and GST credits you would receive during the bankruptcy period. If for example you win the lottery, or inherit money while bankrupt, that money must be given over to the trustee.

Finally, for additional information on personal bankruptcy and more details on costs of filing bankruptcy in Ottawa, please contact a bankruptcy trustee near you. Our bankruptcy trustees in Ottawa offer a no-charge initial consultation. In addition, if you prefer you can ask your bankruptcy questions by email, or post them on our Bankruptcy Questions Blog.