Costs In Bankruptcy
One of the most important questions I am asked when I am meeting people and talking about debt solutions is “how much does bankruptcy cost?”
You would think this is an easy to answer question, but like many things having to do with bankruptcy, it’s more complex than it seems.
The costs of bankruptcy are all defined by the law that governs bankruptcy. The law sets out the fee structure for the trustee’s fees and also defines what people who file bankruptcy must pay.
One of the most misunderstood aspects of these costs is “surplus income” . You may think, “If I am filing Bankruptcy I can’t have any “surplus income” .. I can’t pay my bills so I have no “surplus” But this may not be the case.
The costs of bankruptcy are indexed to your income, If you earn income above a government set threshold, you have to share some of that income with your creditors. If you earn more you pay more.
If you want more in depth information follow this Link
How can you avoid the surplus income trap in bankruptcy, and stay clear of all of the complex duties and regulations of bankruptcy?
Easy, don’t file a bankruptcy. Do a ConsumerProposalinstead and make a deal with your creditors.
If you are dealing with too much debt, and need to know your options.
Call us today at 310- PLAN (7526) or click on www.hoyes.com and lets get started.
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