Will I lose my RESP in a Consumer Proposal?

Will I lose my RESP in a Consumer Proposal?

No, you will not lose your RESP in a consumer proposal.

A consumer proposal is very different than a bankruptcy ( where you either lose you RESP or you have to pay the trustee the value of the RESP). In a consumer proposal the Administrator of the Proposal (usually a Trustee in Bankruptcy) is not entitled to take any of your assets. The only exception to this is if the terms of the proposal specifically require you to turn over an asset to the Administrator for distribution to your creditors.

Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.