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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Fraud?

My husband and I recently cashed in RRSP`s to try and help get ourselves out of debt, but then after using the money to pay down some bills, we realised, we were too far gone to help the situation any. We are now considering filing for bankruptcy. If we do, will the cashing of RRSP`s reflect badly on us? Or will it look as though we made the attempt to clear some debt?

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One Response to “Fraud?”

A licensed trustee said...

Be prepared for your trustee to ask your for a detailed report of exactly what you did with the RRSP money – who you paid, how much and when. If it looks like you’ve done something inappropriate (like paid off one debt in full instead of spreading the money around to a number of your debts) your trustee may contact the people that you paid and demand that the money be returned.

If you haven’t already cashed out the RRSPs then wait and speak to a trustee first – maybe you can offer your creditors a proposal instead of filing for bankruptcy.