Cost of Bankruptcy in Hamilton

We are often asked: “What is the cost of bankruptcy in Hamilton?

The amount you are required to contribute to your estate while bankrupt depends on a number of factors.

  1. First, you will be required to make a minimum contribution each month for as long as you are bankrupt. The minimum bankruptcy period is nine months, but will be longer if you were bankrupt before, or if you have “surplus income” (explained below).
  2. Second, you are required to make an additional payment based on your take home pay each month, and the size of your family. The more “surplus income” you have, the more you are required to pay each month. You will be required to send us copies of your pay stubs and other income each month, and each month we will calculate the surplus income payment.
  3. Third, you would lose any tax refunds or GST credits you are otherwise eligible for during the bankruptcy period.
  4. Fourth, you lose certain assets (certain RRSPs, valuable cars. etc) that you own when you go bankrupt.

As you can see, the cost of a bankruptcy depends on a number of factors. Each person’s situation is different, so please give us a call at 310-PLAN or contact us┬áto arrange your no-cost initial consultation so that we can estimate the cost of your bankruptcy in Hamilton.

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