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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How RESPs treated in Bankruptcy?

MY SON-IN-LAW IS CONSIDERING BANKRUPTCY. WILL MY GRANDCHILDRENS’ RESPs, that we contributed to, be taken as part of any settlement?

Posted from: Ontario

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One Response to “How RESPs treated in Bankruptcy?”

A licensed trustee said...

Unfortunately, RESPs are NOT protected when a person files for bankruptcy. Most trustees will allow the person filing for bankruptcy to pay an amoutn equal to the RESPs cash-in value, instead of actually cashing them it (of course that means the person has to be able to make those extra payments to their trustee).

Make sure your son-in-law discusses the RESPs in detail BEFORE he files.