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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locked in rrsp

Hell, I have around 60,000 dollars debt which includes an eight year old student loan. I’m considering bankruptcy however I have around 40,000 dollars in a locked in RRSP which I can only get at 55 years of age. What alternatives do I have, can the locked in RRSP use to paid the debts. If I file bankruptcy can that money be use to pay any charges.

Posted from: Ontario

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One Response to “locked in rrsp”

A licensed trustee said...

The funds are locked in for a reason – the government has decided there is a benefit to society to you having some additional pension money when you retire. There are rules which will allow you to access a portion of these funds – it is called a hardship application, but think long and hard before you do so, particularly if what you want to use the money for is to pay down debt. Your creditors cannot access these funds – they are protected under the law.

Before you decide to do anything you should speak to a financial planner about your current situation and your retirement plans.