Ontario Bankruptcy Costs. How Long in Bankruptcy.

Fill out the form below and the Predictor will tell you how long you will be in bankruptcy and the monthly payments required to be made.

(Calculator updated March 15, 2011 for 2011/12.)

Monthly "take-home" pay:
Yours:	$
Your spouse's:	$
Is your non-bankrupt spouse refusing to divulge his or her income?	Yes No
Other:	$
Costs Required to Earn Income/Maintenance or Child Care Payments/Health Costs:	$
Number of dependents (including yourself): Include your spouse whether he or she divulges income or not.
To calculate results:

RESULTS:

This is your monthly income that is available for debt repayment per Superintendent of Bankruptcy Standards:

If your monthly payments are calculated to be less than $100.00 per month, and you are a first time bankrupt, you are eligible for a discharge in 9 months. Please note that you are responsible to pay a minimum of approximately $1,800.00 to the trustee over the term of your bankruptcy.

Bankruptcy Discharge Rules:

- 9 month automatic discharge for 1st. time bankrupts who fulfill all their duties and who do not have excess income. (Required monthly payment of less than $100.00 per month)

- 21 months (or more at the court's discretion) for 1st. time bankrupts who fulfill all their duties. and who have excess income. (Required monthly payment of $100.00 per month or greater)

-24 months for 2nd time bankrupts who do not have excess income. (Required monthly payment of less than $100.00 per month)

-36 months for 2nd time bankrupts who have excess income. (Required monthly payment of $100.00 per month or greater)

-Bankrupts with personal income tax debt of $200,000.00 or more representing 75 percent or more of total unsecured claims, are not eligible for an automatic discharge. They must go to court for an adjudication.

Note: The trustee at the 8th month will take the average income over the 8 months and that will determine if the bankruptcy will be extended or will be limited to 9 months.