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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 Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Education plans

i established an education saving plan for my sons, to go to the university but now i eill have to file in bankrupcty with the funds 5,000 will be taken away for the trustee, my debt total is 40,000/ is there any solution for this.?

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One Response to “Education plans”

A licensed trustee said...

Most trustees will give you a couple of options to deal with the RESP:

1) have the trustee cash it out – this is the easiest, but it also means the funds are lost

2) find out what the “cash out” value of the RESP is and agree to pay your trustee an amount equal to that in addition to whatever other amounts you must pay your trustee – this is the most common solution when the amount involved is not too large. If your RESP has $5,000 in it then it may have a cash out value of $3,000. To keep you it, you can pay your trustee the cash out value.

3) file a proposal to your creditors

Frankly, if you have the means, option 3 is the best as none of your assets will be sold (ie you can keep the RESP).

Contact a trustee in your area to discuss these options to determine which is best for you.