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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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will my RRSPS affected if i file for bankruptcy

will my RRSPS affected if i file for bankruptcy?

Posted from: British Columbia

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One Response to “will my RRSPS affected if i file for bankruptcy”

A licensed trustee said...

As of July 7, 2008, RRSPs are now exempt from seizure in a bankruptcy, except for any money that you have deposited in the 12 months immdiately preceeding your bankruptcy filing.

For example, if you have $25,000 in your RRSP including $2,000 that you have contributed in the last 12 months and you file for bankruptcy then your trustee will seize $2,000 from your RRSP.

These rules are only one month old so not everyone is familiar with them – make sure whatever trustee you decide to deal with understands how the new law will affect your bankruptcy.