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Having money in a saving account when filing a consumer proposa

One of my friends is considering to do a consumer proposal and has $5,000 saving in a bank but he does not have any credit cards or loans with that bank. His debt is around $30,000 I believe. Will he be forced to give up his saving account money after he files the proposal?

Posted from: Ontario

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One Response to “Having money in a saving account when filing a consumer proposa”

A licensed trustee said...

He will be required to disclose how much he has in his savings account and it wil impact how much of his debt he has to offer to repay.

He is allowed to have a savings account – that’s not a problem, but if he owes his creditors $30,000 then he deosn’t really have any savings, does he…