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

Will I lose my RESP if I file a Consumer Proposal?should-i-file-bankruptcy

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 are prepared to pay a percentage of your debts over a period of time–usually 60 months with no interest. It is rare that the creditors will ask that you collapse the RESP to pay the money into the proposal. Even if they ask, you have the right to refuse.

Please see related article – Will I lose my RESP in a Bankruptcy?

 

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

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