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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Confused

I am confused….a number of times I have seen in this Q&A where in the answer the potential bankrupt person has the option to pay the Trustee an amount to keep an asset (eg the cash out portion of an RESP). How is that possible when the creditors get the assets including all available cash in bank accounts, etc?

Posted from: Ontario

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One Response to “Confused”

A licensed trustee said...

It shouldn’t be confusing – a creditor doesn’t want an asset, they want CASH. As long as a person agrees to pay an amount equal to the cash value of an asset the creditors are satisfied…