Bankruptcy – What Are The Fees?

Filing for bankruptcy offers you a fresh financial start, but there are still some costs involved. What you’ll pay varies based on your individual situation. Your MNP Licensed Insolvency Trustee will help set up a payment plan that works for you, as part of your Life-Changing Debt Solution.

Once you’ve filed for bankruptcy and your creditors are notified, your Licensed Insolvency Trustee will give you forms to fill out each month. You’ll use these forms to document your income and expenses. The government has set income thresholds that allow for a reasonable standard of living. A portion of any earnings over that threshold will be paid as part of what’s known as a ‘surplus income payment’.

In a bankruptcy, payments and fees received by your Licensed Insolvency Trustee may include:

  • Surplus income payment (if required)
  • Administrative fees (if no surplus income exists)
  • Income tax refund for the year you file (and prior years, where applicable)
  • Non-exempt asset repurchase payments

Our team of Licensed Insolvency Trustees will help you explore the debt relief options available to you and together we will find the solution that best fits your situation. Set up your FREE, no obligation consultation today.

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