RESP and Bankruptcy
August 4th, 2009 by Questions
Hi, my husband & me have RESP account for our kids, one year ago I took off my name from the RESP, so my husband is the only plan-holder. I am wondering if I file a bankruptcy, will my kids RESP be affected, even though my name not included in it. Thanks.
Posted from: Ontario
One Response to “RESP and Bankruptcy”
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August 05, 2009 at 9:47 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
You will need to contact a local trustee to discuss this. When you remove your name from an asset that legally should belong to your creditors it can cause problems. Now there are specific time frames surrounding the nature of this transfer. There is a possibility that it is improper and will be reversed as part of the bankruptcy, but that really will depend on the specifics of the transaction.