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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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RESP exempted from bankruptcy

I want to know that if I can keep the RESP account for my son if I am filing bankruptcy…is this exempted?

Posted from: Ontario

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One Response to “RESP exempted from bankruptcy”

A licensed trustee said...

RESPs are NOT exempt from seizure when you file for bankruptcy, BUT instead of cashing it out, most trustees will allow you to pay an amount equal to the RESPs cash-out value instead. Ask your trustee about this BEFORE you file.