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Questions re specific assets

Under bankruptcy, will I be required to hand over my kid`s RESPs? My personal RRSP is locked in? Will that be affected? Will I be able to keep my house and car? The car payments are up-to-date, but the mortgage has fallen in arrears by two payments.

Posted from: Ontario

One Response to “Questions re specific assets”

A licensed trustee said...

If you’re looking for a detailed answer about your own situation you really need to speak to a trustee directly – very briefly if you file for bankruptcy you:
– will likely lose the RESPs
– will not lose teh RRSPs (unless you’ve added money in the last year)
– will have to pay your trustee an amount equal to the equity(if any) in your house if you want to keep the house; and
– as long as you maintain your car payments, the car should not be affected.

The mortgage being arrears presents a bit of a problme, but the trustee you speak to will help you sort that out BEFORE you file.