Bankruptcy Calculator
Helping You Calculate The Cost To Filing For Bankruptcy
THIS CALCULATOR WILL GIVE YOU A SENSE OF WHAT YOUR MONTHLY PAYMENTS WOULD BE IN A BANKRUPTCY.
Your Monthly Surplus Income Payment will be:
One of the most common questions we get is “How much does it cost to file for bankruptcy?”. The amount that a debtor must pay during their bankruptcy is determined primarily by two things – the value of their non-exempt assets and the surplus income amount determined by the Superintendent’s Standards. The calculator on this page will help you understand the Superintendent’s Standards in a straightforward scenario. The calculation is more complex when their is spouse who is not involved with the bankruptcy.
What are the “Superintendent’s Standards”?
The federal government, the Office of the Superintendent of Bankruptcy, issues a directive that is updated annually based on the number of people in the household and the net monthly income called the Superintendent’s Standards Relating to Surplus Income. These Standards are the same for everyone in Nova Scotia regardless if they live in the city in Halifax Dartmouth or a town such as Kentville. In fact, the Standards are the same of everyone in Canada.
The payment amount is not based on your monthly expenses. It is based not the net income figure in the directive. There are a few expenses that are considered “non-discretionary” that are added onto the allowable amount. These non-discretionary expenses are child support, spousal support, expenses as a condition of employment, fines or penalties imposed by the Court and medical condition expenses. Licensed Insolvency Trustee’s have no discretion in the calculation of the monthly payments.
Understanding personal bankruptcy can be challenging, but our Bankruptcy Cost Calculator will help you in understanding the associated costs as per the Superintendents Standards in Canada. Empower yourself with knowledge to make informed decisions and take the first step toward regaining financial stability.
These calculations become more complex when one spouse is filing and the other is not. For a full understanding of your financial situation, talking to a Licensed Insolvency Trustee is key as there may be certain expenses that change the calculation.
If your surplus income is more than you can afford each month, talk to us about a consumer proposal as a way to lower your monthly payments.