A Consumer Proposal does NOT affect what you own
One of the biggest benefits of a consumer proposal is that it doesn’t affect anything you own, or receive in the future.
If you own non-exempt assets and declare bankruptcy you will either have to surrender or repurchase them. This is not the case in a consumer proposal.
Also, in a bankruptcy, if you win the lottery, receive an insurance settlement, or inheritance your Trustee has a duty to intercept it to the extent of your debt. This is also not the case in a consumer proposal.
For this reason, a consumer proposal is often the right solution for people with considerable non-exempt assets such as homes, RESPs, or multiple vehicles.
