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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Super Intendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Can my bank seize my RRSP after I applied for consumer proposal?

I have a credit card and line of credit with my bank. Can my bank seize my RRSP after I applied for consumer proposal?

Posted from: British Columbia

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One Response to “Can my bank seize my RRSP after I applied for consumer proposal?”

Jillian Taylor-Mancusi, Trustee | B.A. | C.I.R.P said...

No. RRSPs are held in trust by the financial institution; the stay of proceedings comes into effect upon the filing of the consumer proposal. This prevents further collection practises by the creditor.