FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

"*" indicates required fields

This field is for validation purposes and should be left unchanged.

Name*

Phone Number*

Email*

This field is hidden when viewing the form

What's the best time to contact you?*

Location*

What city do you live in?*

Total Unsecured Debt*

*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

This field is hidden when viewing the form

Source

How can we help you?

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.

Agreement*

I understand that Bankruptcy-Canada.ca does not provide debt relief services directly and agree to securely share this information with a local Licensed Insolvency Trustee (LIT) for a free, confidential consultation.

Select Trustee By Province

RESP

I understand under the new legislation an rrsp will be exempt from seizure. Would a childs RESP (registered in parents name with child as beneficiary) be seized as a result of the parents filing for bankruptcy?

Posted from: Ontario

Share this post:

X (Twitter) Facebook Pinterest LinkedIn Email

One Response to “RESP”

A licensed trustee said...

Unfortunately, RESPs are NOT exempt under bankruptcy law – if you file for bankruptcy then your trustee is required to realize on any RRSPs that you have.

To “realize” means your trustee has to collect the cash value of the RESP – this can be done by you agreeing to pay to your trustee an amount equal to the cash out value, or it can be done by simply cashing the RESP out. Depending on the value in the fund, you might want to comnsider whether or not you can afford to make the extra payments to keep it.

This is the sort of thing you want to discuss with your trustee BEFORE you decide to file.