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Bankruptcy Costs and How Long in Bankruptcy.

The price of a bankruptcy is calculated by examining the bankrupt's income and family situation. The objective is for the bankrupt to retain enough income to provide for himself and his family and if there is excess income beyond the Superintendent of Bankruptcy's guideline to make that available for payment to his or her creditors.

The Bankruptcy Calculator from can tell you the exact monthly payments for you to go bankrupt.

Superintendent's Income Standards - 2012 - Total Surplus Income

Appendix A

Superintendent's Standards - 2012

Surplus Income 2012

Family of 2 Example:

The income available to the bankrupt each month:


Other possible monthly income (from family members):


The family unit's available income each month:


Less the amount required for the Superintendent's standard for a family unit of 2 (Appendix A):


The total surplus income each month


The portion of the family unit's monthly income made by the bankrupt.
(1,875 ÷ 2,675 = 70%)


The monthly payment required from the bankrupt, as set out by paragraph 7(2)(a) of the Directive [(210 x 70 %) × 50 % = 73.50]


Where the non-bankrupt spouse refuses or neglects to divulge his or her income or expenses, the trustee shall, for the purposes of determining surplus income, apply 50 percent of the applicable Superintendent’s standards (Appendix A, above) corresponding to the number of persons in the family unit.

A salesperson who works on commission and receives payment on an irregular basis files for the first time an assignment in bankruptcy. During the seventh month of bankruptcy, the bankrupt receives three commissions in the amount of $5000, $4000 and $5000 for a total of $14 000. The average monthly income during the seven month period of bankruptcy is $2000 ($14 000 ÷ 7 months = $2000) and this amount is the basis upon which to determine whether the bankrupt has surplus income according to the Superintendent’s standards in place at the date of the bankruptcy and to determine the date on which the bankrupt is eligible for an automatic discharge.











































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