Frequently Asked Questions
- Do I Loose My Assets If I File A Consumer Proposal?
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Any assets which are not specifically secured by a creditor can be retained by you if you file a Consumer Proposal. A Consumer Proposal is generally aimed at unsecured creditors, but the document will outline your intentions relative to any secured debts. If your assets are held as collateral by a lender you must choose if you wish to continue to pay that lender, in order for you to retain the asset. This would apply to vehicle loans and leases, mortgages etc. In a Consumer Proposal secured lenders will generally cooperate in allowing you to keep making payments on a secured loan provided that you have a reasonable history with them and they do not feel at risk by continuing to deal with you. Any loan arrears will require specific attention.
DISCLAIMER
All of the information on this website is provided as general information to those seeking general answers to their questions.
This information should not be construed as professional advice.
Every insolvency situation is different and the outcome of each will very depending on its unique circumstances.
Do not rely on this information, or take any steps which are based upon this information without first seeking professional advice.
To obtain specific professional advice a questionnaire must be completed and a personal evaluation conducted by our Trustee.