Personal Debt Solutions Canada - Calculator For Debt Repayment

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Estimate Your Debt Repayment Option Costs

The following calculator will look at your expected family monthly income over the next few months to roughly estimate the costs of each of your debt repayment options. Other factors that may influence the costs of each alternative such as the value of assets that you have or fees charged by any profession engaged in assisting you are not considered. The calculator is intended only to give you a simplistic snapshot of each debt repayment alternative.

Therefore, the results generated by our calculator are just rough estimates for each option and the actual cost of each alternative may very considerably. Users are cautioned that the information provided may not be reflective of their individual, sometimes complex, situations.

Bankruptcy Payment Calculator
Question Answer

Input Your Income

Input Your Debt

Please enter your net monthly income.
"; die; } if ($total_unsecured_debt == "") { echo "Please enter your total unsecured debt."; die; } if ($num_household == 1) { $superintendants_standard = $superintendent_standard_1_person; } if ($num_household == 2) { $superintendants_standard = $superintendent_standard_2_people; } if ($num_household == 3) { $superintendants_standard = $superintendent_standard_3_people; } if ($num_household == 4) { $superintendants_standard = $superintendent_standard_4_people; } if ($num_household == 5) { $superintendants_standard = $superintendent_standard_5_people; } if ($num_household == 6) { $superintendants_standard = $superintendent_standard_6_people; } if ($num_household > 6) { $superintendants_standard = $superintendent_standard_morethan6people; } $bankrupts_income = $net_monthly_income; $family_income = (($net_monthly_income + $other_net_monthly_income) - $child_support_or_medical); $bankrupts_percent = (($net_monthly_income / ($net_monthly_income + $other_net_monthly_income)) * 100); if ($bankrupts_percent < "101") { $multiplier = ($bankrupts_percent / 100); } else { $multiplier = 1; } if ($spouse_income == "yes") { $first_time_monthly_payment = ((($family_income - $superintendants_standard)/2) * $multiplier); } if ($spouse_income == "no") { $first_time_monthly_payment = (($bankrupts_income - ($superintendants_standard/2)) /2); } if ($spouse_income == "none") { $first_time_monthly_payment = ((($family_income - $superintendants_standard)/2) * ($bankrupts_percent / 100)); } if ($first_time_monthly_payment <= "100") { $num_months = "9"; } if ($first_time_monthly_payment > "100") { $num_months = "21"; } if ($first_time_monthly_payment < "100") { $monthly_payment = "180"; } if ($first_time_monthly_payment >= "100") { $monthly_payment = $first_time_monthly_payment; } if ($num_months == "9") { $bankruptcy_cost = "1785"; } else { $bankruptcy_cost = ($monthly_payment * $num_months); } ?>

Your Options

1 - Bankruptcy

A bankruptcy would likely cost approximately:$ This would be a monthly payment of:$ And would take approximately: months

2 - Consumer Proposal

($bankruptcy_cost + 8000)) { $consumer_proposal_cost = mround(($total_unsecured_debt * 0.4), ($years_to_debt_free * 12)); } else { $consumer_proposal_cost = mround(($bankruptcy_cost + 8000), ($years_to_debt_free * 12)); } $consumer_proposal_monthly_payment = ($consumer_proposal_cost / ($years_to_debt_free * 12)); ?> (The maximum time for a Consumer Proposal is 5 years) A Consumer proposal over years would cost a total of approximately: $ This would be broken down into a monthly payment of: $

3 - Debt Consolidation Loan

Total cost of a consolidation loan at 10% interest and paid over years: $ Necessary monthly payment: $

4 - Credit Counselling

Payment in full with 5% addition:$ Necessary monthly payment:$

Total Cost Comparison

Bankruptcy: $
Consumer Proposal: $
Debt Consolidation: $
Credit Counselling: $
$
$
$
$
Bankruptcy
Consumer Proposal
Debt Consolidation Loan
Credit Counselling

The above calculation does not reflect any asset realization, contributions to the bankruptcy estate by you as a debtor or possible additional charges such as trustees' fees and expenses charged to the estate. Generally trustees take their fees from the funds collected from the debtor, but at times there may be additional payments required due to personal circumstances. Whatever fees individual debtors are required to make are governed by the Bankruptcy and Insolvency Act and Rules and individual circumstances and orders of the Court may vary from case to case. These costs are not always predictable and readers are strongly cautioned to seek the services of a local Trustee in Bankruptcy who can review their personal financial situation and give them an accurate and complete understanding of their debt repayment options.

Call TODAY for your FREE CONSULTATION and find out which debt repayment option will work for you and your family.