Bankruptcy Cost Calculator
A first-time bankruptcy in Canada costs a minimum of $1,800 in administration fees. If your income exceeds the OSB surplus income threshold for your household size, you'll also make monthly surplus payments for 21 months instead of 9. Use this calculator to estimate your total cost.
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Frequently Asked Questions
What is surplus income in bankruptcy?
Surplus income is the amount your income exceeds the threshold set by the Office of the Superintendent of Bankruptcy (OSB) for your household size. If you earn more than the threshold, you pay 50% of the excess to your bankruptcy estate each month.
How long does bankruptcy last in Canada?
A first-time bankruptcy with no surplus income lasts 9 months. With surplus income, it extends to 21 months. A second bankruptcy lasts 24 months (no surplus) or 36 months (with surplus).
What assets can I keep in bankruptcy?
Bankruptcy exemptions vary by province. Generally, you can keep basic household goods, tools of your trade, and a vehicle up to a provincial limit. RRSPs are exempt except for contributions made in the last 12 months. Your Licensed Insolvency Trustee will explain what applies in your province.