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Are payments flexible?

Smythe Insolvency can structure payments to match any individual’s budget. A Licensed Insolvency Trustee’s fees when filing a bankruptcy or a consumer proposal are regulated by federal legislation. The fees include filing fees to the government, as well as mandatory counselling fees.

When filing a bankruptcy, payments will depend on how much you earn and your family size. The Superintendent of Bankruptcy sets out income standards each year, and if your earnings exceed the standard, you will have to pay a portion of your earnings into the bankruptcy estate for either 21 months (first-time bankrupt) or 36 months (second-time bankrupt). The Trustee will be able to estimate these payments for you if you bring current pay information to your free consultation. In certain circumstances, the surplus-income payment or terms can be modified by mediation or by the Court.

If you are a filing a bankruptcy and you are on a limited or fixed income such as pension or disability, we can review your situation with you and offer a payment plan that will allow you to make payments over time to cover the basic costs of the administration.

A consumer proposal may be a more attractive option for those who have higher surplus-income obligations as payments can be stretched over a five-year period, thus making the monthly payments more affordable for you while settling your debts.

For more information on this, we recommend that you speak with a Licensed Insolvency Trustee to find out what the payments would look like for your specific situation and what options are available to you.

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