Bankruptcy, RRSP`s and my vehicle
Okay, I am considering filing for bankruptcy but have a few questions. I am living with a man who declared bankruptcy 3 years ago because his ex-wife forced him into it after she filed and left her debt to him. Of course, this put all the onus on me for anything we purchased since. Everything had to be in my name because I HAD good credit. I have about $3500 left in RRSP`s after cashing in over 20,000 a couple years ago for home renovations. Will I lose that in a bankruptcy or my van (never missed a pmt.) I have 2 children and if I leave my partner to start a better life, I need my vehicle and am wondering how hard it would be to rent a house after bankruptcy.
Posted from: Ontario
The RRSP’s will be considered exempt as long as the contributions were not made in the last 12 months. As for the van, this id going to depend on the amount of equity in the van (i.e. value less any loans against). If the equity is less than the amount of the motor vehicle exemption then you shouldn’t have any difficulty retaining the vehicle.