I am considering filing for bankruptcy but I am concerned about the costs. I’m already so deep in debt; I’m worried that I won’t be able to afford bankruptcy. What do I need to know?
The cost of bankruptcy in St. John’s will depend upon your personal situation. Below is a list of some of the costs you may be responsible for.
- A contribution to your bankruptcy estate to cover government filing fees, mailing costs, court fees, and other administrative costs.
- A fraction of your “surplus income” into your estate. If you earn over a certain amount each month, you will lose a portion of your earnings over that limit. We recommend bringing recent pay stubs to your trustee so he or she can work out the calculations for you.
- You will lose all of your non-exempt assets. Consult our “Exemptions” page for a list of items that are exempt from liquidation.
- You will lose all tax refunds and GST credits you would normally receive during the bankruptcy period.
- You will lose any windfalls you become entitled to during the bankruptcy period. This might include things like lottery ticket winnings.
In general, the cost of bankruptcy will depend on your monthly income, the size of your family, and your assets.
For more information on the costs of bankruptcy, contact a licensed bankruptcy trustee in St. John’s Newfoundland.
