If you’re facing either bankruptcy or a consumer proposal, you may be concerned about what will happen to savings set aside for your children either by you or someone else.
In the case of a proposal, the answer will most likely be ‘nothing’. As with most assets in a proposal, you you’ll still need to advise your trustee about them, but any accounts in your children’s names will not be touched.
In a bankruptcy situation, however, what happens to your children’s savings accounts will depend on exactly how those accounts were set up in the first place.
If you’d like to know more about how bankruptcy and/or a consumer proposal might affect your assets, call today for your free, no obligation consultation: in Ottawa call 613-237-5555; out of town, call toll-free 1-800-517-9926 or book online now.