FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

"*" indicates required fields

This field is for validation purposes and should be left unchanged.

Name*

Phone Number*

Email*

This field is hidden when viewing the form

What's the best time to contact you?*

Location*

What city do you live in?*

Total Unsecured Debt*

*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

This field is hidden when viewing the form

Source

How can we help you?

If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

Agreement*

I understand that Bankruptcy-Canada.ca does not provide debt relief services directly and agree to securely share this information with a local Licensed Insolvency Trustee (LIT) for a free, confidential consultation.

Select Trustee By Province

Purchase RESP?

I am about to file for bankruptcy, and will be losing my son’s RESP in the process. I have been contributing to it for the past 2 years. Since he is still young, I would like to buy a new one for him as soon as possible. Will it be alright for me to start another one for him right away, or do I have to wait till after my discharge?

Share this post:

X (Twitter) Facebook Pinterest LinkedIn Email

One Response to “Purchase RESP?”

A licensed trustee said...

I think you should have another chat with your trustee. The law requires that an amount equal to the realizable value of your sons’s RESPs be paid to your trustee – that doesn’t necessarily mean that the RESPs have to be cashed out.

An alternative would be for you to agree to pay an amount equal to the “cash-out” value of the RESPs to your trustee in addition to whatever other amounts you may be required to pay. The advantage of this approach is that you won’t lose the benefit of the government money that has been added to the plan. If you are going to make monthly payments to create a new plan, you might want to discuss this alternate approach with your trustee first.