CONSUMER PROPOSAL
July 18th, 2007 by Questions
my husband has $100,000 debit in his credit card, he thinking to go for a consumer proposal.he also has $10000 in his DPSP retirement plan which he get through his employment. He can take money from it only after his retirement.If he make a proposal did it effect on DPSP?
One Response to “CONSUMER PROPOSAL”
Please post a follow up comment below:
(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)
You must be logged in to post a comment.
July 20, 2007 at 9:10 am, A licensed trustee said:
Unfortunately, if you spouse owes more than $75,000 he is not eligible to file a consumer proposal.
In regards to his DPSP, if he is unable to withdraw funds before his retirement (or termination) then no one else will be able to either. In other words, he doesn’t need to worry about his DPSP.
I suggest the tow of you make an appointment to speak to a trustee in your area about your husband’s options to deal with this problem – the meetings are usually free and most people find them helpful.