Yes, there are costs associated with going bankrupt. The money you pay to your Trustee will be used to cover certain costs and the rest is distributed to your creditors. Generally, the costs of bankruptcy can include:
The total cost of filing for bankruptcy varies from person to person because it is based on your personal financial situation. The Trustee will also confirm what, if any, assets must be surrendered. Your BDO Trustee will discuss your situation with you and outline these costs before charging you any money. You do not have to make a commitment until you feel comfortable doing so.
At BDO, we will only recommend a debt solution that is appropriate for your financial situation. We will also discuss alternatives to bankruptcy with you that may better meet your specific needs.
If you have assets that are not exempt from seizure and are not secured, you will be required by law to disclose and surrender them to your Trustee as part of the bankruptcy process. Each province has its own rules about what you can keep when filing for bankruptcy. Generally, you will be required to surrender the following:
For further details, check out our information on bankruptcy exemptions in your province.
With over 100 offices, we are located where you need us to be. Call
your local office today.
Contact a local office
Contact a local professional
Take our short quiz