Cost

The cost of bankruptcy will normally depend on your income and number of family members. The government sets standards or guidelines as to how much a bankrupt person will pay based on their current income and size of family. These guidelines are not discretionary for the trustee. Any licensed trustee must collect the same amount. If your income is below guidelines, your payment could be as little as just $150 per month.

The cost in a consumer proposal will be determined by what you propose to your creditors. Whatever amount you proposed to pay your creditors will be your total cost. There is NO EXPLICIT fee to the trustee in a proposal; the trustee only takes a percentage from the creditors' total share. However, the creditors must always agree to the actual proposal in the first place.