I know…it seems wrong doesn’t it? You are in a state of having to consider filing for bankruptcy and you find out that you have to pay. Often I get asked, “How can someone pay you if they are bankrupt?” The answer is simple in most cases…the definition of ‘being insolvent’ is that ‘you are unable to meet your obligations as they become due’. An insolvent person can often pay something on their debt, just not what their creditors are asking or demanding.
More often than not, the amount you are required to pay into your bankruptcy is a manageable payment, considering what you are required to pay to maintain your current debt (let alone pay it off).
The amount an individual pays varies depending on the level of income and the expenses they have. The best way to determine what you have to pay is to meet with a Trustee in Bankruptcy. This simple Bankruptcy Payment Calculator will help you estimate what that payment might be.
For a more comprehensive look at your personal situation, complete our online assessement