April 8th, 2009 by Questions
Are RRSPs, LIRA and TFSA surrendered when filing Consuner Proposals? I am collecting EI benefits. Am I eligible to file CP?
Posted from: Ontario
April 09, 2009 at 9:30 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
No, in a consumer proposal there is no automatic vesting of assets like there is in a bankruptcy. All you have to do is ensure you are offering more to your creditors than they would receive in a consumer proposal.
Now in terms of eligibility, as long as you can afford a reasonable payment to the creditors, owe greater than $1000 and your income is fairly stable and dependable then you are eligible. But it is best to discuss this with a local trustee and they will run through your situation and let you know if it is a good fit given where you are sitting.
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