Bankruptcy Questions

Surplus Income and Bankruptcy Discharge

Surplus Income and Bankruptcy Discharge When you file for Bankruptcy, you keep a sufficient amount of your income to live a “normal life”. The trouble is that the definition of a “normal life” is based on a cross-Canada average calculated by the Office of Superintendent in Bankruptcy. It starts with your net (after tax) take-home […]

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Will I lose my RESP if I file a Consumer Proposal?

Will I lose my RESP if I file a Consumer Proposal? No, you will not lose an RESP in a Consumer Proposal. In a Consumer Proposal, you are making an offer to your creditors to settle your debt to them based on the terms of your offer. The terms of your offer is usually that you […]

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Will I Lose my RESP in Bankruptcy?

Will I Lose my RESP in Bankruptcy? An RESP is set up usually by a parent or other family member by way of a contract with an institution (the scholarship fund) for the benefit of their child. The standard wording in the contract results in the RESP being considered an asset of the parent or […]

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Consumer Proposal & Administrator’s Report

Consumer Proposal & Administrator’s Report I filed a Consumer Proposal and my trustee tells me that he has to file an Administrator’s Report. What is this? Your trustee is acting in this situation as the Administrator of your proposal. As such, there is a requirement under the legislation that he submits a report to your […]

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