Will I lose my RESP if I file for bankruptcy?
Yes. An RESP is an asset that can be cashed in to pay off debts to creditors. An RESP is nothing more than cash and is not held in trust for the children. However, you can consider a consumer proposal as an alternative to bankruptcy. In this situation, you do not lose your RESP.
It is important to research your options in order to make the best decision for you. We suggest that you meet with the professionals at Boale, Wood & Company Ltd. to discuss the options available. We offer a free initial consultation – details on this page.
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