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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 and bankruptcy / consumer proposal

Over the years, I have contributed my child tax benefit to an RESP for my son. Other relatives have also contributed to this. Now I find myself in way too much debt and am considering CP or bankruptcy. I know an RESP is an asset that can be liquidated in a bankruptcy. Is it worth it to wait another two years until my son can use these funds for his education? I`m still able to pay my minimum balances on all my credit cards.

Posted from: British Columbia

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One Response to “RESP and bankruptcy / consumer proposal”

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

The real question is whether or not you are able to hold on for two years. Potentially you may be further ahead if you look at the consumer proposal route in a little more detail. With the proposal as long as you offer more than would be available in a bankruptcy filing then you don’t directly loose any assets. As a result you may find that the consumer proposal, if filed now, may serve to both reduce your stress for the next couple of years, put you in a position where you are dealing with your debt now as opposed to putting it off, and you can retain those RESP’s.