There is usually a monthly fee that can vary depending upon your circumstances. We will review this in detail with you, before you start any process or sign any document.
Regardless of your specific circumstances, you are only required to make one monthly payment directly to your Licensed Insolvency Trustee, and your monthly payment will always be lower than your previously outstanding payments.
How Is Bankruptcy Payment Determined?
The size of your monthly Bankruptcy payment is determined by the Federal Government through the Bankruptcy Insolvency Act. The calculation will be made by your Fuller Landau Trustee who will explain the formula to you.
The Bankruptcy Insolvency Act is designed to protect your interests, and the monthly payment amount is calculated by taking into consideration such factors as your income, expenses, and dependents. The payment amount will be low enough to be manageable, given your current financial situation.
How Is the Trustee Paid?
The fees for your Licensed Insolvency Trustee are built directly into the fee dictated by the Bankruptcy Insolvency Act. You will never have to pay an additional premium or make separate payments for your Insolvency Trustee.
How is the Monthly Payment Calculated?
The monthly payment in a personal Bankruptcy is reliant on four primary factors:
- Your Monthly Income. This includes the overall income of your household, including that of your spouse.
- Your Assets. While you will be able to keep many of your assets, some may be sold to help pay down your outstanding debt.
- The Size of Your Family. Special considerations are made to ensure you can provide for your dependents.
- If You Had a Previous Bankruptcy. If you’ve declared Bankruptcy in the past, the terms of your Bankruptcy will be longer.
Don’t Enter Bankruptcy Uninformed.
If you have any further questions, or would like a free consultation about your current debt situation, call us today.