FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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assets

I have a GIC that is not mature until 2010 in the amount of 5200.00. I am considering bankruptcy since I lost my job and am no longer able to pay student loans. What happens if I cash in the GIC before filing for bankruptcy?

Posted from: British Columbia

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One Response to “assets”

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

If you file for bankruptcy you will loose the GIC. If you knowingly cash in the GIC prior to bankruptcy you do run the risk of this transaction appearing like it is being done to defeat the rights of your creditors and it is possible that it may be challenged in court by the either your creditors or your trustee at the bequest of the creditors. So be cautions, if you choose to cash in the GIC be aware of the risk and if you spend any of it make sure it is a necessary expense and that you keep all the receipts from these expenses so you can defend why and where the funds were used.