ok, so my wife and i are in a lot of debt and will most likely be declaring bankruptcy. Fortunately for us, we have no assets, except for an resp we opened for our two children.
We met with the trustee today for the first time, and he explained he would be taking the resp, along with the bankruptcy fee, and that would be it. The fee would be split over 9 months (3600) , and he even said once he verifies he is getting the resp, he would even reduce whatever was owing of the fee at that point by half (so if we owed 2800 to him at that point, he would reduce it to 1400 - this is what i think he meant because he said he wouldn't get the resp right away). The debt is 80k, and the resp is worth about 6k if you withdraw it (due to enrollement fees, the resp company takes 2k per child).
anyways, my question is, if i withdrew the resp on my own, and then declared bankruptcy (with a diff trustee obviously), and just kept/hid the 6k, could i technically do this? or could they find out? if i was to meet with a new trustee after withdrawing it, i would just say' "yes, we had an resp about a mth ago, but we withdrew it a few weeks ago and went to the casino hoping we would win enough to get out of debt"...or something similar..
We met with the trustee today for the first time, and he explained he would be taking the resp, along with the bankruptcy fee, and that would be it. The fee would be split over 9 months (3600) , and he even said once he verifies he is getting the resp, he would even reduce whatever was owing of the fee at that point by half (so if we owed 2800 to him at that point, he would reduce it to 1400 - this is what i think he meant because he said he wouldn't get the resp right away). The debt is 80k, and the resp is worth about 6k if you withdraw it (due to enrollement fees, the resp company takes 2k per child).
anyways, my question is, if i withdrew the resp on my own, and then declared bankruptcy (with a diff trustee obviously), and just kept/hid the 6k, could i technically do this? or could they find out? if i was to meet with a new trustee after withdrawing it, i would just say' "yes, we had an resp about a mth ago, but we withdrew it a few weeks ago and went to the casino hoping we would win enough to get out of debt"...or something similar..
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