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Bankruptcy after cashing RRSPs

If someone gets laid off, has not owned a home in over a year, cashes RRSP`s to live off of for the past year, and keeps paying creditors until they simply run out of money and can`t pay anyone anymore, and still have no job but have a huge debt, how long after that can they declare bankruptcy? In addition, not all creditors stopped receiving payments at exactly the same time. The payments stopped over a period of a few months as the cash flow (ie RRSP proceeds) of the person diminished. No creditors were paid off completely.

Posted from: Ontario

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One Response to “Bankruptcy after cashing RRSPs”

A licensed trustee said...

It sounds to me like you should be contacting a trustee (or a credit counselor) now – enought time has passd since you cashed out your RRSPs. You should prepare an accounting that shows how much you withdrew and how much each creditor was paid – some one is bound to ask for this so you may as well get it ready.