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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assets, student loans and bankruptcy.

Will the RESP`S that are set up for my daughters be affected?

Are student loans taken care of by claiming bankruptcy?

Thank-you

Posted from: Ontario

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One Response to “assets, student loans and bankruptcy.”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

RESP’s are not considered an exempt asset. As a result they are automatically lost upon the filing of a bankruptcy.

For a good summary of why an RESP is not exempt you can read the following post: RESP’s and bankruptcy.

Now student loans are a different issue. The rules for student loans state that if you have been out of school for 7 years prior to the filing of a bankruptcy then they will be cleared upon you being discharged. However, if you have attended ANY classes within that period this serves to re-set the seven year clock.