Bankruptcy Costs & Fees

How much will it cost me to file for bankruptcy in Canada?

Bankruptcy Costs & Fees are a critical concern for anyone considering entering into this process as a form of debt relief.

After all, if you find yourself in a position where you may need to declare yourself bankrupt, you are unlikely to have a lot of money lying around.

In fact, in Canada, the Office of the Superintendent of Bankruptcy (OSB) has set the minimum fee at $1,800.

A charge levied to cover the costs of the filing of the forms and the administration involved.

However, Bankruptcy Costs & Fees are not as clear cut as they first appear.

This is because you may be eligible for some help with the fees mentioned above.

Additionally, there are additional fees and costs that can be involved depending on your personal circumstances.

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Additional costs and fees

Apart from the fee mentioned above, there may also be additional costs to consider when filing for bankruptcy.

In fact, the amount you will need to pay will be determined by the assets you hold, such as property or businesses, as well as the type of debts you are looking to have cleared.

It is also vital to remember that if your numbers come up on the lottery, this will also be taken into account when settling your debts during bankruptcy.

The same goes for any windfall or lump sum you may be fortunate enough to receive.

What happens if I can’t afford the costs and fees involved?

If you are considering filing for bankruptcy, but concerned about the fees and costs involved, all is not lost.

In fact, the OSB can help you to find a trustee that will take a reduced fee, thus allowing you to continue on with the process.

It may also be possible to be granted an exemption from the fees involved.

Although once again, this will depend on both your financial assistance and the trustee with which you work.

Avoid paying the fees involved in bankruptcy.

If the thought of having to spend to go bankrupt is all too much for you, it pays to remember that you may be able to avoid going bankrupt altogether.

The first way you can do this is by opening up a line of communication with your creditor.

This is because some creditors will no longer pursue a debt if they understand that you are genuinely unable to pay it.

You may also wish to consider debt consolidation.

In fact, for those people with good credit, this is often the best choice.

This is because you should be able to secure a loan with lower payments and interest rates to settle your debt.

Then you will be under less financial pressure month to month as you will only have a single lower-cost loan to pay.

Another option is to increase your income to pay off your debts sooner.

Many people do this by taking on extra hours at work, starting up a side hustle or even tightening their belts concerning their day to day expenses.

You can also consider a debt settlement if you find yourself in this position.

This is an option that can work particularly well if you have debts that have been outstanding for a more extended amount of time.

The reason being your creditors are much more likely to agree to a settlement in this situation.

Something that will allow you to pay off a percentage of the debt you owe rather than the whole thing.

Although, do remember that you will need a lump sum to go ahead with this option.

Finally, do not forget that instead of bankruptcy, opting for a consumer proposal may be the wisest choice.

This is where a professional negotiator will act on your behalf and arrange for you to pay back only a portion of what you owe.

This is something that can be done via a lump sum or on a monthly basis.

Final thoughts

The good news is that if you want to find out more about bankruptcy, or the other options that are open to you, we can help.

In fact, here at, we pride ourselves on being able to offer non-judgmental debt advice.

Also, as we are a not-for-profit organisation, you can be sure we will provide objective advice on how to get out of debt.

All you need to do is call us on 1-877-879-4770 or complete an enquiry form.

Just remember, the cost of bankruptcy doesn’t need to get in the way of getting more information on debt relief!

Canadian Bankruptcies

How to File for Bankruptcy
What is Bankruptcy?
Bankruptcy FAQs
How Does Bankruptcy Work?
What is the Cost of Bankruptcy in Canada?
How to Rebuild Credit Following Bankruptcy
Personal Bankruptcy in Canada
What Debts are Erased in Bankruptcy?

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