If the situation is critical, Mr. Hoyes says “the first thing they can do is liquidate assets if they have any.” This includes a home, if one is owned, a car and any RRSPs.
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In many cases of bankruptcy, assets in an RRSP could be exempt, so it would be wise to hang on to RRSP / RRIF funds for use post-bankruptcy, rather than liquidating them to pay off debts.