Consumer proposal

October 29th, 2011 by Questions

One of the reason we are thinking about filing for proposal and not bankruptcy is to not loose RESP-

But this will likely cause us to pay a lot more as it will count in the calcualtions. And we are certain that if one of us loose job we will not be able to afford this and will cause us to go and file for bankrupcy and loose our RESP anyway.

What are your thoughts re this

Thank you

Posted from: Ontario


One Response to “Consumer proposal”

, A licensed trustee said:

If you file for bankruptcy (instead of filing a consumer proposal) your trustee will allow you to “buy back” the RESP – that is, instead of cashing out the RESP your trustee will allow you to pay an amount equal to the cash out value into your bankruptcy so that you may keep the RESP. This should solve your problem.

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