Secured loan in consumer proposal
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
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…