Pay the trustee on top, it’s not like I’ve got loads of money!
The cost associated with personal bankruptcy or a consumer proposal in Canada is determined by formulas set out in the Bankruptcy and Insolvency Act as well as the regulations attached to it. Therefore, the trustee's fees should not be a factor in choosing the best solution since they are included in the process that will be chosen.
For example, two identical consumer proposals filed with two different trustees will have exactly the same fee. It is the formula that determines his fees, and the trustee does not control the formula.
The trustee, therefore, can concentrate on analyzing the situation of the debtor to properly assess the available options: bankruptcy, a consumer proposal, or simply a referral to an external resource (a mortgage broker, a bank, or a community non-profit budgeting assistance center).
It is recommended to consult with a licensed insolvency trustee from Beaudin Groupe Conseil to get an accurate assessment of your situation and understand how a bankruptcy or a consumer proposal can help you overcome your debts. If a proposal or bankruptcy is the best solution, the formula prescribed by law will ensure that the Licensed Insolvency Trustee is paid fairly and transparently. We will inform you about our fees, but they are included in the file: you are not getting a bill.