Selling your assets to pay off debt can be tricky. Depending on the asset, there may be unforeseen costs. Cashing in your savings may not completely deal with your debt problems. You may, in fact, have better options to eliminate your debt without losing your assets at all. Today we talk with Ted Michalos to explore how to pay off debt when you have assets.

Time Stamps:

00:00 Introduction

02:43 Are all assets treated the same?

06:31 Cashing out your RRSP to pay debt

13:50 Should you file a consumer proposal or bankruptcy?

22:39 Are RESP’s protected in a bankruptcy?

25:43 Owning a house and filing bankruptcy

30:44 Final thoughts

 

Related Links:

Should I Sell My Assets to Pay Off Debt?- https://www.hoyes.com/blog/should-i-sell-my-assets-to-pay-off-debt/

Should I Use My RRSP to Pay Off Debt? – https://www.hoyes.com/blog/should-i-use-my-rrsp-to-pay-off-debt/

Who Can File a Consumer Proposal? - https://www.hoyes.com/blog/how-much-debt-does-it-take-to-file-bankruptcy-in-canada/

How Much Debt Does it Take to File Bankruptcy in Canada? - https://www.hoyes.com/blog/how-much-debt-does-it-take-to-file-bankruptcy-in-canada/

How Do I Get Out of Debt Without Losing My Home? - https://www.hoyes.com/blog/how-do-i-get-out-of-debt-without-losing-my-home/

Can’t Pay Your Mortgage? Options To Keep Your Home- https://www.hoyes.com/blog/cant-pay-your-mortgage-options-to-keep-your-house/

Complete Guide to Bankruptcy and Mortgage Foreclosure - https://www.hoyes.com/blog/complete-guide-to-bankruptcy-and-mortgage-foreclosure/