How much will it cost to go bankrupt in British Columbia?

How much it will cost to go bankrupt in British Columbia depends on your situation. In British Columbia, there are a number of costs to go bankrupt.

First, in most cases you will be required to make a contribution to your bankruptcy estate to cover the government filing fees, mailing costs, court fees, and other administrative costs of a bankruptcy.

Second, you are required to pay a portion of your “surplus income”, as defined by the government, into your estate. If you and your family earn over a certain amount each month, you lose a portion of your earnings over that limit. The calculation is quite complicated, so we recommend you bring your recent pay stubs to the meeting with your trustee. The trustee can then estimate the amount of “surplus income” payments you will need to make while bankrupt.

Third, you will lose all of your non-exempt assets (see our bankruptcy exemptions page for a list of assets you can keep).

Fourth, you will lose any tax refunds and GST credits you would otherwise receive during the bankruptcy period. (Your trustee will explain in more detail how taxes work in a bankruptcy).

Finally, you will lose any windfalls you receive, or become entitled to during the bankruptcy period. For example, if you inherit money while bankrupt, or win the lottery, that money must be surrendered to the trustee.

The amount you will pay while bankrupt will depend on your monthly take home pay, your family size, and your assets. To establish how much it will cost to go bankrupt in British Columbia, contact a British Columbia bankruptcy trustee today.