{"id":1244,"date":"2020-07-21T19:03:35","date_gmt":"2020-07-22T01:03:35","guid":{"rendered":"http:\/\/gothandcompany.com\/?p=1244"},"modified":"2021-09-07T13:06:21","modified_gmt":"2021-09-07T19:06:21","slug":"how-much-will-i-have-to-pay-if-i-go-bankrupt","status":"publish","type":"post","link":"https:\/\/gothandcompany.com\/how-much-will-i-have-to-pay-if-i-go-bankrupt\/","title":{"rendered":"How Much Will I Have To Pay If I Go Bankrupt?"},"content":{"rendered":"\n[et_pb_section fb_built=”1″ _builder_version=”4.5.1″ _module_preset=”default” custom_padding=”0px||0px|||”][et_pb_row _builder_version=”4.5.1″ _module_preset=”default” width=”100%” custom_padding=”0px||0px|||”][et_pb_column type=”4_4″ _builder_version=”4.5.1″ _module_preset=”default”][et_pb_text _builder_version=”4.5.1″ _module_preset=”ca0a0b79-8fd3-4d3a-996e-2fa8e87336da” hover_enabled=”0″]

How Much Will I Have To Pay If I Go Bankrupt?<\/h1>\n

First We Evaluate Your Options With You<\/h4>\n

When you meet with a Licensed Insolvency Trustee (LIT) to review your situation and your options, the bankruptcy process<\/a> results in the least amount you pay and is usually the fastest way to deal with your debt. The other options are designed to pay the creditors in full over time or pay them MORE than what they will get paid if you used bankruptcy.<\/p>\n

<\/h4>\n

Surrendering Non-Exempt Assets<\/h4>\n

The LIT reviews what you have in assets and advises what you are allowed to keep<\/a> according to provincial and federal law regarding protected assets, and which assets (if any) the LIT is obligated to take and sell. You may be able to arrange to make payments over time for the assets the LIT has to take and sell instead of the LIT selling them.<\/p>\n

<\/h4>\n

Surplus Income Payments<\/h4>\n

There may also be an amount you have to pay based on your income sometimes described as Surplus Income Guidelines ( the \u201cSIG\u201d)<\/a> which is a calculation of what you have to pay to the LIT from your net monthly income. This calculation takes into account your monthly income, the number of people in your household, the income of others in the household, and some types of expenses that are considered so necessary that they are subtracted from your income to reduce the surplus.<\/p>\n

<\/h4>\n
\n

Example 1:<\/h4>\n

Here is an example of this calculation based on certain facts;<\/p>\n

Your net pay from employer monthly\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0$3,800\/month<\/p>\n

3 people in the household, including your spouse who is a homemaker with no income, and 1 young child<\/p>\n

Regular prescription medicine costs $150\/month with no insurance recovery<\/p>\n

 <\/p>\n

\u00a0$3,800<\/strong>\u00a0 \u00a0 \u00a0your net pay<\/p>\n

-$3,246<\/strong>\u00a0 \u00a0 which is a set deduction amount for a household of 3 people(2017 figures)<\/p>\n

-$150<\/strong>\u00a0 \u00a0 \u00a0 \u00a0the medical expense which is a type of expense considered necessary<\/p>\n

 <\/p>\n

$404<\/strong>\u00a0 \u00a0 \u00a0 \u00a0 your surplus income<\/p>\n

X \u00bd<\/strong>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 the SIG says you pay half of the surplus to your LIT for creditors<\/p>\n

$202<\/strong>\u00a0 \u00a0 \u00a0 \u00a0 the amount you are obligated to pay from your income to the LIT for the month<\/p>\n<\/blockquote>\n

<\/h4>\n

How Long Will I Be Making Payments?<\/h4>\n

If you are bankrupt for the first time, the surplus payment is made for 21 months. The amount you pay each month may vary if your income, number in the household, and other factors change. A LIT in your area<\/a> will be able to assist you in estimating this amount based on your situation.<\/p>\n[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]\n","protected":false},"excerpt":{"rendered":"

How Much Will I Have To Pay If I Go Bankrupt? First We Evaluate Your Options With You When you meet with a Licensed Insolvency Trustee (LIT) to review your situation and your options, the bankruptcy process results in the least amount you pay and is usually the fastest way to deal with your debt. […]<\/p>\n","protected":false},"author":1,"featured_media":1271,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[130],"tags":[],"yoast_head":"\nHow Much Will I Have To Pay If I Go Bankrupt? - Goth & Company Ltd.<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gothandcompany.com\/how-much-will-i-have-to-pay-if-i-go-bankrupt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How Much Will I Have To Pay If I Go Bankrupt?\" \/>\n<meta property=\"og:description\" content=\"How Much Will I Have To Pay If I Go Bankrupt? 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