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RESP and consumer proposals

Can my creditors take my children`s RESPs if I make a consumer proposal? I owe money to the bank that I have the RESPs.Thanks for your informative website.

Posted from: Nova Scotia

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One Response to “RESP and consumer proposals”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

The creditors are prevented from doing anything to access the funds in the RESP by the Stay of Proceedings that is immediately enacted when you file the consumer proposal.

While the RESP is a non-exempt asset in a bankruptcy situation, there is no vesting of assets in a consumer proposal as there is in a bankruptcy. However, as the RESP would be lost in a bankruptcy when you do the comparison of what the creditors would get you must value the RESP and then offer to the creditors than they would get in a bankruptcy.