FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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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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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

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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.