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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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RRSP Cashed

Due to my wife’s loss of job i cashed RRSP’s and received net $5000 about a month ago. i paid various creditors monthly payments that i was in arrears and rent. I have about $1000 left from that.
Now i have been informed my job is about to be ended by end of Mar/31/07. My only option is to file bankruptcy as my debt is about $85,000. My surplus will be about $500 a month then in april i will go on EI – will i have to pay this $5000 back and if so how will i do it as my EI will only be $1800 or so a month. i filed bankruptcy once in 1991. Please help! You have a very informative website. Thanks

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One Response to “RRSP Cashed”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

This is a tricky issue and it all comes down to intent. If you can prove that you did not make these payments purposely, with intent to give the creditors in question a preference, then you do not have to worry. Being a very difficult issue to discuss with so limited information you would be best to contact a licensed trustee in your area.