Secured loan in consumer proposal

April 15th, 2011 by Questions

We are considering a consumer proposal as our debt load it too much for us. Two questions:
If we cashed out RRSP’s (no funds deposited in RRSP funds in last 3 years) to pay for childs school, would that have any impact.
Also we have a secured trailer loan (no equity) that we would like to include in proposal, can we do that.

Thanks for your help

Posted from: Ontario

Questions

One Response to “Secured loan in consumer proposal”



April 15, 2011 at 6:40 am, A licensed trustee said:

You will need to prove your trustee with an accounting of how much you removed from your RRSPs and exactly where it went -if it really was just to pay your children’s tuition then it is not likely to cause any complications.

In regards to the trailer loan, you may certainly include it in the proposal, BUT you will have to surrender the trailer. If you want to keep the trailer you will have to pay for it…

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.)