December 11th, 2012 by Questions

We’ve filed a consumer proposal. I’m really worried about our child’s RESP. Al least half the money in the account came from my child’s summer jobs. Will it be protected if I can prove the money came from them?

Posted from: Ontario


One Response to “Resp”

, A licensed trustee said:

Unless one of the terms of your proposal was to cash out the RESP it is safe. When you file a proposal you are offering your creditors a repayment deal – they are not allowed to seize any of your assets (like the RESP) unless you specifically offer to do so as part of your proposal.

This should have been explained to you BEFORE you filed the 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.)