The phrase, “assets you keep in a consumer proposal” can feel confusing when you’re stressed about bills, but the idea is simple.
In a consumer proposal you do not lose or surrender any belongings. Your belongings, your assets are not touched in a proposal. The proposal is a legal repayment plan, not a seizure of property.
Our trustees help you understand how this works so you feel safe knowing your home, car, savings, and personal items remain yours.
Many people fear they will lose their home or car when filing a proposal, but that is not how the law works.
Break Free from Debt
A consumer proposal lets you keep your assets because it only deals with unsecured debt. Unsecured debt is debt that is owed without an attached asset. Mortgages for example are secured debt and credit cards, lines of credit, or income tax would be unsecured
Your belongings are not touched during the process unless you choose to sell something on your own.
You keep your home as long as you stay current on the mortgage.
The proposal does not change your mortgage terms or your ownership. Many clients use the proposal to free up income so they can comfortably maintain payments. Simple examples include:
The proposal focuses on unsecured creditors, not your secured mortgage lender.
You can keep your car, truck, or motorcycle when you file.
The only rule is that you stay up to date on the financing or lease. If you have an older car with no loan, it remains fully yours. Many people choose a proposal because it protects their vehicle while lowering their overall monthly payments.
A consumer proposal does not remove your RRSPs, except for recent contributions made in the last 12 months. Everyday items are also protected, including:
These items are not involved in the calculation of your proposal payments, giving you peace of mind as you move forward.
The consumer proposal system is designed to help people recover financially without losing stability.
It offers a controlled, predictable way to deal with unsecured debt while keeping the essentials you rely on. This balance is what makes proposals one of the most used debt solutions in Canada.
The trustees review your assets with you and explain what stays protected.
Most clients discover they keep everything while getting protection from interest, collection calls, and wage garnishments.
It’s a safe, structured way to regain control of your finances with the support of a licensed professional at Yanch Dey & Associates.
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. No. You keep your house in a consumer proposal as long as you continue your mortgage payments.
The proposal only covers unsecured debt, so your home remains yours. The trustees review your mortgage situation and help you understand your equity, payments, and what steps give you the most long-term stability.
A. Yes. You keep your car if payments are current.
If the car is paid off, it stays fully protected. If it’s financed or leased, you simply continue your regular payments. The proposal has no impact on ownership, and many clients file specifically to avoid falling behind on vehicle costs.
A. Your RRSPs stay protected except for contributions made in the last 12 months.
Everyday savings and chequing accounts also remain yours. The goal of the proposal is to fix unsecured debt, not take away the safety nets you rely on.
A. No. Personal items such as clothing, furniture, electronics, and work tools are protected.
These items are not part of your unsecured debt and are not factored into your proposal payments.
A. Assets stay protected because the proposal targets unsecured creditors only.
Secured lenders, like mortgage or car financing companies, keep their security interests. This structure helps you maintain your stability at home while reducing overwhelming debt through a legal repayment plan.
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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Jason L.
5 days ago
★★★★★ I was scared I’d lose my house and car. They explained what assets you keep in a consumer proposal and I kept both. Only the debt changed.
Michelle T.
1 week ago
★★★★★ Our trustees walked through every asset with us. We kept our home, our vehicles, and our RRSPs. The only thing reduced was the unsecured debt.
Robert C.
2 weeks ago
★★★★★ I thought my savings would be taken. They weren’t. The proposal protected my assets and gave me a fresh start.
Anita S.
3 weeks ago
★★★★★ The trustees explained secured and unsecured debts in simple terms. I kept what mattered and got rid of the stress.
George H.
1 month ago
★★★★★ They showed me exactly which assets I’d keep in a consumer proposal. Knowing that made the decision much easier.
Rise Above Your Debt!
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