Fortunately, if you file for a consumer proposal, you do not need to give up any assets. Your protected assets can’t be taken under provincial legislation, including your house or car. However, you will be expected over time to pay into your proposal an amount equal to the net equity in your home. Your home is yours to live in as long as you make your mortgage payments on time.
You can also keep retirement savings funds like RRSPs that have not had a contribution in the last 12 months. You may also be able to keep RESPs depending on your province of residence. Most of the time you can also keep assets that are not protected.
That’s why many decide to go with a consumer proposal.