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

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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.

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RRSP and Bankruptcy

I am deciding to go bankrupt. I have some money in my RRSP and mutual funds. If I cash those out and “hide” the money. How would my trustee or anyone know about it. If I go bankrupt after this, could this be discovered. If so how?
I am just trying to save the little bit of RRSP that I have.

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One Response to “RRSP and Bankruptcy”

A licensed trustee said...

You are permitted to apply for new credit during your bankrutpcy, but you are also required to advise the lender that you are an undischarged bankrupt. Unless yiu are borrowing from a family member it is unlikely you will be approved for the loan during your bankruptcy.

In regards to your tax refund – when you file for bankruptcy your trustee will tell you whether or not they intend to file and seize any refund you may be entitled to during your bankruptcy (not every trustee will take your refund – we don’t for example). If you have assigned your refund to your trustee then they will get decide whether or not to claim the deduction.

Persoanlly, while I applaud your intentuion to save some money – borrowing is not the way to do it. Complete your bankruptcy and then save the money instead of going back into debt.