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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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RESP-Consumer Proposal

Are RESP`s for the children affected from a Consumer Proposal? Are they taken? I know they are liquidated in a personal bankruptcy, but what about a CP?

Posted from: Ontario

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One Response to “RESP-Consumer Proposal”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

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.