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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Don’t touch my stocks !

I am in big trouble with debts (credit cards and back taxes) and will need to file a consumer proposal very soon. I have about 50K in an RRSP and a normal stock account. I don’t want those to be seized. Will my stocks be protected from my creditors when I file the proposal, even if I have bought some stocks and contributed to my RRSP within the last 12 months ? Will my creditors force me to sell any asset I have acquired during the past year under a proposal ?

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One Response to “Don’t touch my stocks !”

A licensed trustee said...

Whether or not you lose your RRSPs and stocks if you file a proposal will depend of the terms that are arranged between yourself and your creditors in your proposal.

Normally, if you want to keep an asset such as your RRSPs and/or stocks, you have to offer to pay your creditors an amount equal to or greater than the value of the asset. If your investments are worth $50,000 then you will have to offer your creditors at least $50,000 in your proposal in order for them to even consider accepting your terms.

In fact, your creditors will probably asked for more than the $50,000 due to the time value of money. If they seized your investments they would receive the $50,000 immediately. If you offer to repay them over time then they will likely charge you a premium to cover the cost of not receiving the money right away.

All of this is negotiable and should be discussed in detail with the trustee that is assisting your with your proposal. To find a trustee in your area use the links on the right hand side of the page.