December 20th, 2012 by Questions

I am confused….a number of times I have seen in this Q&A where in the answer the potential bankrupt person has the option to pay the Trustee an amount to keep an asset (eg the cash out portion of an RESP). How is that possible when the creditors get the assets including all available cash in bank accounts, etc?

Posted from: Ontario


One Response to “Confused”

, A licensed trustee said:

It shouldn’t be confusing – a creditor doesn’t want an asset, they want CASH. As long as a person agrees to pay an amount equal to the cash value of an asset the creditors are satisfied…

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