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RESP – divorced bankrupt

How much will an RESP of a divorced bankrupt be liquidated? Will the whole thing be affected or just 50% as the bankrupt’s share of pay? Will there still be money in the RESP after the fact so the child can still go to secondary school, or the parent/s can still continue to contribute towards the account? The child does not live with the bankrupt parent and but continues to make contributions towards this RESP.

Posted from: Alberta

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One Response to “RESP – divorced bankrupt”

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

This will really depend on who’s name is listed on the RESP. If it is only listed in the bankrupt parent’s name then 100% would be lost, but if it is held jointly then only 50% is lost as part of the bankruptcy.