Don Allen - Bankruptcy Trustee & Receiver
Trustee & Receiver
705-733-1511 1-888-504-1511
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Debt Options Calculator

The Debt Options Calculator estimates the monthly and total payments required to pay off your debts depending on the method you for handling your debts. Please fill out each field shown that applies to you. Click on the question mark ? for further information on the field, if you need it. Click “Calculate” and put the cursor arrow over the resulting bar graphs to see different options.

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Total debt (unsecured): ?
Total monthly income (you and spouse): ?
Monthly non-discretionary Payments: ?
Number of people in your household: ?
Have you ever been bankrupt before?

Total debt (unsecured)

A debt is unsecured if you did not sign any paperwork to allow the lender to put a charge or lien on your asset, whether it be a vehicle, furniture or other property you own. Examples of unsecured debts include credit cards, lines of credit that are not registered against your house, student loans, bank overdrafts, payday loans etc. Do not include debts such as a mortgage, vehicle loan or auto lease – these are considered secured debts.

Total after tax monthly income (you and spouse)

This is the amount you and your partner actually receive when you cash or deposit your pay cheque or EI cheque or other income. It is the amount that is left for you after all taxes and similar deductions are taken off. If you are paid twice a month, enter the net total of the two cheques. If you are self-employed, your after tax monthly income will be the amount left over after you pay your business expenses, income taxes and CPP. If this varies, look over the last 12 months and take an average as a guide and after you adjust for any anticipated changes in the next 12 months.

Monthly Non-Discretionary Expenses

Includes:

  • Expenses related to a medical condition (eg. insulin, blood pressure or disability medication etc.)
  • Child or spousal support payments
  • Day care costs
  • Employment expenses which are necessary for you to earn income
  • Self-employed deductible expenses to earn income

Number of People in Household

Anyone who lives with you or relies on your income for some or all of their living expenses (or whose income you rely on for some or all of your living expenses). Normally your spouse/partner and your children are considered members of your household. Roommates who share expenses equally are not usually considered members of the same household.

Regular Repayment

If you fully repay your debts (eg. credit cards, lines of credit etc. at 18% interest), by making monthly payments over 3 years, you will pay a total of including interest.

Monthly Payment:
Total Payment:
Interest Rate:18%
Payback Period:3 years
This varies depending on interest rate charged.

Consolidation Loan

If you obtain a loan at 12% to consolidate all of your debts, and if you repay the loan over 3 years, you will pay a total of including interest.

Monthly Payment:
Total Payment:
Interest Rate:12%
Payback Period:3 years
This varies depending on interest rate charged.

Credit Counselling

If you can convince the creditors to repay your debts over 3 years with no interest charges, you will pay .

Monthly Payment:
Total Payment:
Payback Period:3 years

Consumer Proposal

If you make a Consumer Proposal to settle your debts for a portion of what you owe, you will pay a total of over 3 years. No interest is paid and creditors stop bothering you.

Monthly Payment:
Total Payment:
Interest Rate:0%
Payback Period:3 years
Monthly payments could be reduced by extending the proposal to up to 60 months.

Bankruptcy

Monthly Payment:
Total Payment:
Payback Period:
 
 
 
 
 
Regular Repayment Consolidation Loan Credit Counselling Consumer Proposal Bankruptcy
info@allentrustee.ca
1.888.504.1511

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