Consumer Proposals & What You Own

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.

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