How much will it cost to go bankrupt in Saskatchewan?

How much it will cost to go bankrupt in Saskatchewan depends on your situation. There are several costs for going bankrupt in Saskatchewan.

To begin, 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 going bankrupt.

Second, you must pay a mandatory portion of your “surplus income”, as defined by the government, into your estate. If you and your family earn over a given amount each month, you will lose a fraction of your earnings over that limit. The calculation of these numbers can be relatively complicated, so we suggest bringing your recent pay stubs to your meeting with your trustee. The trustee can estimate the amount of “surplus income” payments you must 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 normally receive during the time you were bankrupt. (Your trustee will clearly explain how taxes work in a bankruptcy).

Finally, you will lose any additional funds 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 over 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 Saskatchewan, contact a Saskatchewan bankruptcy trustee today.