The Office of the Superintendent of Bankruptcy sets the annual Standards pertaining to income. Depending on the amount of income your family receives and the number of people you have to support, you may be required to make monthly payments to the Trustee.
You and your Trustee will determine the amount to be paid based on these Standards and your personal circumstances before you go bankrupt.
These payments will stop once you receive your discharge from bankruptcy.
If your income is below the Standards and you have no assets to liquidate, the Trustee will require a retainer or require that you arrange monthly payments to pay the Trustee’s fees and disbursements. Boale, Wood & Company Ltd. will, in most cases, arrange to take monthly payments over a period of time.
The Income Standards can be found on our forms page under Other Forms.