Bankruptcy Costs Money
You have no money, you can’t pay the bills you decide the best course of action is to file bankruptcy. Then the shocker, it actually costs money to go bankrupt.
Most consumers when they file bankruptcy can afford the monthly required payment, as the burden of their existing debts have been removed from their budgets.
The actual price of filing a bankruptcy can vary depending 4 main factors
- Where you live – Different areas of the country require different payments
- Which trustee firm files your bankruptcy- Each trustee sets their own pricing
- How much money you earn – Higher incomes require higher payments
- Have you filed a previous bankruptcy – 2nd bankruptcies will last longer
To learn more about bankruptcy pricing, debtor obligations and length of bankruptcy visit here.
So what happens when there is no cash in the wallet for bankruptcy. What then??
There is a possibility that you would qualify for the Bankruptcy Assistance Program. The program is designed to cover the fees of filing and trustees costs related to bankruptcy for a specific group that meet the requirements. The program is operated through Industry Canada and the government department, The OSB, Office of the Superintendent of bankruptcy.
If you cannot afford to hire a trustee, the OSB’s may be able to help, provided that you:
- have contacted at least two trustees and have been denied their services in writing;
- are not involved in commercial activities, own a business;
- are not required to make surplus income payments; and
- are not in jail.
If you would like to get more information regarding the Bankruptcy Assistance program, toll-free at 1-877-376-9902 Office of the Superintendent of Bankruptcy and they will review the qualification and follow up with information on a list of trustees in your region that participate in the program.