Comments on: RESP-Consumer Proposal http://www.bankruptcy-canada.ca/consumer-proposals/2010/02/resp-consumer-proposal.html Personal Bankruptcy Canada Blog Fri, 10 Feb 2012 15:23:44 +0000 hourly 1 By: Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy http://www.bankruptcy-canada.ca/consumer-proposals/2010/02/resp-consumer-proposal.html#comment-113727 Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy Tue, 09 Feb 2010 15:20:01 +0000 http://www.bankruptcy-canada.ca/consumer-proposals/2010/02/resp-consumer-proposal.html#comment-113727 One major difference with a <a HREF="http://www.bankruptcy-canada.ca/consumerProposals.htm" rel="nofollow">consumer proposal</A> as opposed to a <a HREF="http://www.bankruptcy-canada.ca/whatIsBankruptcy.htm" rel="nofollow">bankruptcy</A> is that there is no vesting of assets. Meaning, you do not automatically loose any of your assets under the <a HREF="http://www.bankruptcy-ontario.org/proposals.htm" rel="nofollow">consumer proposal</A>. However, as a <a HREF="http://www.bankruptcy-ontario.org/proposals.htm" rel="nofollow">consumer proposal</A> must offer more than a <a HREF="http://www.bankruptcy-canada.ca/whatIsBankruptcy.htm" rel="nofollow">bankruptcy</A> you have to make sure that the RESP's are considered when determining what you are worth in a bankruptcy and in turn what you need to offer in the <a HREF="http://www.moneyproblems.ca/consumer-proposals.htm" rel="nofollow">proposal</A>. For more information about how this is done you are best to contact a <a HREF="http://www.bankruptcy-canada.ca/emailUs.htm" rel="nofollow">local trustee</A> and they will be able to help you determine what type of offer you would need to make to your creditors to maximize the chances of success. One major difference with a consumer proposal as opposed to a bankruptcy is that there is no vesting of assets. Meaning, you do not automatically loose any of your assets under the consumer proposal.

However, as a consumer proposal must offer more than a bankruptcy you have to make sure that the RESP’s are considered when determining what you are worth in a bankruptcy and in turn what you need to offer in the proposal.

For more information about how this is done you are best to contact a local trustee and they will be able to help you determine what type of offer you would need to make to your creditors to maximize the chances of success.

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