How does my Bankruptcy Trustee fees get paid?

October 12, 2012 10:17 pm Published by

Bankruptcy Trustee fees come from the funds paid into the bankruptcy estate. Bankruptcy Trustee’s are self-employed and do not receive a subsidy from any form of Government. The fees that we charge as a Trustee are governed under the Bankruptcy and Insolvency Act and the Supreme Court of British Columbia.

A Trustee will need to collect a minimum amount in your bankruptcy estate, usually at least $1,700 for fees but this amount can be paid based on monthly installments. For a first time bankrupt, the initial deposit is $165 plus a commitment to pay $180 for the balance of the 9 months.

In addition, the fees can be taken from assets that are above the Exempt amount, Surplus Income or Income Tax refunds (while you remain in bankruptcy any tax refunds including GST/HST refund cheques will automatically be sent to us as Trustee)