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*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.

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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 Super Intendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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RRSP, LIRA and TFSA

Are RRSPs, LIRA and TFSA surrendered when filing Consuner Proposals?
I am collecting EI benefits. Am I eligible to file CP?

Posted from: Ontario

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One Response to “RRSP, LIRA and TFSA”

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.