How much will it cost to go bankrupt in Quebec?

How much it will cost to go bankrupt in Quebec depends on your situation. When going bankrupt in Quebec, there are a number of necessary costs.

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

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

Fourth, you will lose all 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 given 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 Quebec, contact a Quebec bankruptcy trustee today.