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Company Pension in a bankruptcy

My husband and I are considering a Division 1 proposal and/or bankruptcy. We have $120,000 in joint debt, plus a home equity loan for $86,000. I understand that we may be able to keep our house if we can get money from someone to pay any equity in our home, which might be $30,000 less expenses to sell the home.

My question is this, my husband has a company pension from work, will this be taken if we have to file bankruptcy?

And, the company stopped the pension and instead my husband pays into a group RSP now which is essentially his company pension. Will he lose this money in a bankruptcy?

To lose his pension at the age of 50 will be devasting when he has to retire with nothing to live on.

Thanks.

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One Response to “Company Pension in a bankruptcy”

Barton Goth GCO Bankruptcy Trustees said...

I can’t comment either way on how the pension will be treated as this is largely dependent on provincial legislation, so you would be best to contact a local trustee and they will be able to advise you as to what you can expect.