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Mr

Currently going through a divorce and I am considering filing for bankruptcy due to the incredible debt (most of which I wasn’t aware of!). We have 3 kids together that we have RESP’s of the value of approx $14,000 split amount the 3 children. Are these going to be affected?

Posted from: Alberta
CATID11

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One Response to “Mr”

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

Unfortunately a bankruptcy will have an impact on the RESP’s. Because of the way that RESP’s are set up these are assets that are in the name of the parent and can be cashed at any time, therefore don’t meet the legal definition of trust property and legally must be distributed among your creditors. So if a bankruptcy is filed the trustee must liquidate the RESP’s and use them for the general benefit of your creditors. In practice we often find that in order to protect an asset like this you may want to consider the filing of a consumer proposal, but that is something you should discuss directly with a local trustee.