February 19th, 2009 by Questions
My wife and i have recently been laid off work and finding it difficult to find another job making the same kind of money. We have been approved for Employment Insurance but not enough to make ends meet with all debt obligation. We are now conteplating bankruptcy. We have about $50K in debt and we are on rent. We have about 10K in RESP for the children and understand that it would be taken away after bankruptcy. My question is what would happen if we collapsed the RESP before declaring bankruptcy. Would we be required to pay that back? Another question is how long do we have to pay surplus income? Do we continue to pay surplus income after discharge, assuming discharge after 9 months?
Posted from: British Columbia