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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MissD

I am thinking about claiming bankruptcy and am researching it. I have a question, I have 60,000 in a locked-in rrsp. Is it possible they use this money to settle my debts? Would I still be branded as bankrupt if they do as technically I would have paid my full debt?

Posted from: Alberta

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One Response to “MissD”

A licensed trustee said...

Locked -in RRSPs cannot be seized in a bankruptcy – that’s one of the reasons they are called “locked-in”. You may be able to access some of the money in your RRSPs by applying under the hardship rules, but normally we advise against doing so. The purpose of the RRSP is to have some money later in life when you retire. If you use it now you obviously won’t have it later…

Contact a trustee in your area and they will explain all of this in greater detail.