| Author: |
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Anonymous |
| Date: |
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September 6, 2001 |
| Question: |
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I have been paying Canada Savings Bonds through my work since
November of last year. They deduct money from each paycheque. My bonds
are not matured until November, so I do not currently have any access to
them. If I declare bankruptcy now, would I have to give the Bonds to my
creditors in November? What if I chose not to cash in my bonds at this
time? Or could I file for bankruptcy after the bonds have matured?
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From: |
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Ann Clarke, Collins Barrow Limited |
| Date: |
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September 7 , 2001 |
| Answer: |
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In a bankruptcy the Trustee must recover the value of the CSB's that
exist at the date of bankruptcy. For CSB's being purchased after
November 2000, the Trustee contacts the government, who releases the
funds. You could choose to file for bankruptcy after the bonds mature
but would need to disclose the transaction, and what happened to the
funds, on the Statement of Affairs.
Ann Clarke
phone: (403) 296-2972
aclarke@moneyhelp.ca
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