Tuition contribution

November 26th, 2008 by Questions

I have $10 000 . in my bank account and need to declare bankrupcy.
Can I give my 18 and 23 yr old daughters
my half of their tuition fees .
(Their mother, my exwife gives them the other half.)
This is financial support of my children as I see it.

Posted from: Ontario


One Response to “Tuition contribution”

, A licensed trustee said:

If you have a Court Order requiring you to make those tuition payments then perhaps you mght be ok in doing as you suggest. The question a reasonable person might ask you is “where did the $10,000 come from”. If you’ve been taking cash advances or otherwise living off your credit then it may be reasonable to suppose that it’s not really your $10,000 to give away.

If your trustee or the Court decides you have acted inappropriately then you may be ordered to pay an amount equal to what you “give away” into your bankruptcy…

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