How is it determined how much is to be paid monthly and for how long if Bankruptcy is filed? How long if a second bankruptcy is filed?
May 24, 2017
Hello and thank you for your enquiry.There is a guideline that the Superintendent of Bankruptcy issues that any Trustee must refer to in order to determine what someone's payment might be in bankruptcy. There is a threshold for the number of people that are in your household. Your payment is determined by using this guideline and understanding what your income is in comparison to this guideline. Your payment may also be affected if you have assets you are wanting to retain that may have equity in them.A person who files for bankruptcy the first time will either be in bankruptcy for 9 or 21 months, depending where they fall in the guidelines.A person who files for bankruptcy the second time will be in bankruptcy for 24 or 36 months, again depending where they fall in the guidelines.Should you wish to know more, or understand where you might fall, we encourage you to call our office toll free in Nova Scotia at 310-6060. We would be happy to set up a free consultation with you to discuss your options. ~Krista
Grant Thornton Limited
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