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
Posted from: Ontario
One Response to “Consumer proposal”
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.)
You must be logged in to post a comment.
October 29, 2011 at 5:56 am, 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.