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Consumer Proposals

Keep Assets with a Consumer Proposal

Many Canadians get out of debt and keep their assets with a consumer proposal!

We are frequently asked if assets, such as houses, cars, tax refunds and investments, can be kept if a consumer proposal is filed. Our response is yes, in most cases it is certainly possible to keep your assets. This is a distinct advantage over filing for bankruptcy, which automatically vests and transfers title to many of your assets to the Licensed Insolvency Trustee.

In preparing your consumer proposal, we will review your assets, secured and unsecured liabilities, income and expenses, and based on our assessment and your wishes, we will recommend an amount to propose to your creditors. The consumer proposal will take into consideration all of your assets and what you want to do with them. For example, if you wish to keep your home and car, and continue paying for them, the consumer proposal will state this.

Alternatively, if you can no longer afford your car or house, or they are substantially over mortgaged, the consumer proposal can be drafted to permit you to return the assets to the mortgage holder for sale. The loss the mortgage holder incurred upon the sale of the asset will become a claim in the consumer proposal; i.e., it will be settled in the consumer proposal along with all of your other unsecured debts.

The only professional legally permitted to assist you with the filing of a consumer proposal is a Licensed Insolvency Trustee and Proposal Administrator. The best way to know exactly where you stand with respect to your assets in a consumer proposal is to speak with a Licensed Insolvency Trustee about your financial circumstances.

A consumer proposal can provide significant financial relief, and in many cases it can be used to help you retain possession of your assets.

For more information about this invaluable solution to get out of debt, contact us today!


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  • Personal Bankruptcy and Consumer Proposal Specialists in Ottawa
  • About us . . . The expertise to resolve your debt crisis

    We are chartered professional accountants, licensed insolvency trustees and proposal administrators. With deep and substantial knowledge and experience in finance, accounting, taxation, bankruptcy and debt- restructuring, we can help you address and resolve your financial troubles. We can stop harassing phone calls, wage garnishments and collection law suits, while implementing a solution that addresses creditors’ concerns, with monthly payments you can afford. Book a free consultation today.

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