A consumer proposal when you have no assets is often the simplest and safest way to deal with overwhelming debt because you have nothing at risk during the process.
When someone has no home equity, no investments, and very limited savings, a proposal becomes extremely straightforward: you keep everything you own, your debt is reduced, and all interest stops immediately.
For many Canadians, this is the cleanest path to a fresh financial start.
Filing a consumer proposal when you have no assets is often more direct because creditors are not relying on the sale of property to recover money.
This makes approval simpler and often leads to a lower settlement.
People with no assets benefit from:
With fewer complications, the path to approval is usually faster and more predictable.
When you have no assets, a proposal allows you to retain everything you currently possess without risk of seizure. This includes:
A consumer proposal when you have no assets is designed to protect your stability, not disrupt it.
Most unsecured debts qualify for inclusion, making the proposal an excellent option when your goal is to simplify finances.
Debts commonly included are:
Everything is combined into one affordable monthly payment.
A consumer proposal when you have no assets is often the best alternative to bankruptcy because you avoid the stricter requirements of bankruptcy while still reducing your debt significantly.
You benefit from:
If you already have no assets, a proposal gives you relief without further financial hardship.
This consumer proposal calculator shows an approximate of how much you could save.
If you’re feeling overwhelmed by debt and not sure where to start, the best thing you can do is talk to someone who understands.
Call now and speak directly with me — Kelly Dey — for clear, honest advice that’s tailored to your situation. There’s no pressure and no judgment. We’ll look at your options together and create a plan that helps you breathe again. Getting started is easier than you think, and one simple conversation can put you back in control of your money and your life.
Let’s take that first step today, call 905-721-7506.
A. Yes. When a person has no home equity, no investments, and minimal savings, a consumer proposal becomes very straightforward for creditors to approve.
Creditors compare the proposal to what they would receive in a bankruptcy—and when there are no assets to recover, a proposal typically offers a better return. This makes approval faster and more predictable, and often results in lower monthly payments.
A. No. A proposal is not designed to take anything from you.
You keep your bank account, personal belongings, household items, electronics, clothing, and even your car if it has little or no equity. Since you have no assets that creditors could seize, a proposal simply reduces your debt and sets up an affordable payment plan without putting your daily life at risk.
A. That is exactly when a consumer proposal works best.
Our trustees will build your payment plan around what you can afford today—not what you used to earn or what creditors hope to collect.
If your income is limited, payments can be set low from the start. Some clients even begin with very small monthly payments until their financial situation improves. You still get full legal protection from creditors during this time.
A. Not usually. Bankruptcy may seem like the obvious option, but many people with no assets still choose a proposal because it carries fewer restrictions, has less oversight, allows more financial freedom, and avoids the reporting requirements of bankruptcy.
A proposal also impacts your credit for less time and helps you rebuild faster. Most importantly, you repay only a portion of what you owe—often around 30%—without losing anything.
A. Yes. Whether you have assets or not, filing a proposal triggers the legal stay of proceedings, which immediately stops all collection calls, wage garnishments, lawsuits, and threats from creditors.
Even if collectors believe they cannot seize anything from you, they must still follow the law and cease all communication once the proposal is filed.
Insolvency Trustee – Kelly Dey
If you’re feeling weighed down by money or debt issues, give me a call at 905-721-7506 and lets just have conversation.
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Lara C.
3 days ago
★★★★★ I had no assets and was drowning in debt. The proposal reduced everything and gave me one small monthly payment I can handle.
Andre R.
1 week ago
★★★★★ Because I had nothing for creditors to take, the process was simple and stress-free. They helped me reduce my debt by more than half.
Jill W.
2 weeks ago
★★★★★ I’m renting, have no savings, and only basic belongings. The proposal protected everything and finally stopped the collection calls.
Nathan D.
3 weeks ago
★★★★★ The best part was that I didn’t have to worry about losing anything. They helped me cut my debt and get back on track.
Sherry P.
1 month ago
★★★★★ I had no assets at all. This was the easiest financial decision I’ve made and gave me real peace of mind.
Rise Above Your Debt!
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