How much will it cost to go bankrupt in Nova Scotia?

How much it will cost to go bankrupt in Nova Scotia depends on your situation. There are a number of necessary costs when going bankrupt in Nova Scotia.

First, typically you will 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 given amount each month, you will lose a portion of your earnings over that limit. The calculation is complicated; therefore we recommend you bring your recent pay stubs to your meeting with your trustee. The trustee can estimate the amount of “surplus income” payments you will make while bankrupt.

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

Fourth, you will lose tax refunds and GST credits you would normally 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 pay while bankrupt will depend on your family size, your monthly income, and your assets. To establish how much it will cost to go bankrupt in Nova Scotia, contact a Nova Scotia bankruptcy trustee today.