Is Bankruptcy a Good Choice for Seniors?
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Seniors Bankruptcy in Canada

Learn the Answer to the Question Is Bankruptcy a Good Choice for Seniors?
Bankruptcy may be a good choice for seniors. However, there are complications that should be considered:-
- I have met with many seniors, who had serious debt problems. Some of them said they could use their RRSPs or RIFs to deal with their debt.
I always told them not to do this because RRSPs and RIFs are exempt from seizure, except for the previous year’s contribution (for some but not all provinces). I told them that the law makers made RRSPs and RIFs exempt in a bankruptcy because they wanted those funds available just for their retirement; not for repayment of debt.
- I have met with many seniors, who had serious debt problems. Some of them said they could use their RRSPs or RIFs to deal with their debt.
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- Some seniors may be judgement proof which means it is not necessary for the senior to go bankrupt to receive debt relief and creditor harassment protection.”Judgement Proof” term that means that you are protected from your creditors seizing your assets or garnishing your wages.The term means that your creditors are not able to get a judgement to collect on your debt by seizing your assets through a court judgement.
Please refer to your territory or province’s exemptions for assets protected from seizure.
Please note that these exemptions are applicable to people not in bankruptcy as well as people in bankruptcy. A senior’s CPP (Canada Pension Plan) or Old Age Security pension funds cannot be seized by your creditors, although if the funds are deposited into your bank account, this account may still be seized or garnisheed by your creditors.
What if you’re not judgement proof?
If you are not judgement proof you should read the information on our FAQs page and set up a FREE consultation with one of the trustees in our 426 trustee offices in every province and territory in Canada.BANKRUPTCYCANADA
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