The Superintendent of Bankruptcy issues standards regarding the payments required to be made by a bankrupt based upon whether the bankrupt has surplus, according to a formula. The standards are available from us upon request.
According to these standards, if you have surplus income during your bankruptcy then you must pay:
- if this is a 1st bankruptcy, 21 months of surplus income;
- if this is a 2nd bankruptcy, 36 months of surplus income; and
- if this is a 3rd bankruptcy, the court will decide.
If the following financial circumstances change during the bankruptcy, then the required payments may also change. The monthly amount is established by us based on:
- your net income;
- the net income of others in your family unit;
- the number of persons in your family unit; and
- expenses known as non-discretionary expenses – child support, child care, etc.
We will calculate the amount you must pay and we will ensure you are well-informed of this as well as your options.
You must pay to us amounts whether “voluntary” as a cost of the bankruptcy proceedings, or the requirement to pay this surplus amount.
Bankruptcy trustee’s require a minimum amount to cover the costs of their administration. Our minimum fee is $2,000, which can often be paid over many months.