I have seen all sorts of questions about a bankruptcy and the assets you can keep. what about a consumer proposal. Do I loose things like my child`s RESP`s if I file for bankruptcy?
assets and a consumer proposal
Posted on Monday, October 20, 2008
posted by Questions @ 9:44 pm
1 Expert Comment:
At October 22, 2008 |
8:12 am
, Barton Goth, Trustee in Bankruptcy Said...
There is no vesting in a proposal like there is in a bankruptcy. But what happens is that the trustee you are using will look at your situation in an effort to calculate what the creditors would receive from any of your assets in a bankrutpcy. Then when crafting the proposal you have to make sure that you offer at least as much to the creditors as they would receive in a bankruptcy (although practicially speaking you need to offer enough of an incentive for the creditors to cooperate with the proposal, so you will have to make a decent offer, and your trustee will help you to determine what is doable).
Please type your comment below:You must be logged in to post a comment.
