The good news is that your assets can be protected under a Consumer Proposal. Unlike a bankruptcy, where you could lose some of your assets depending on their value and the province that you live in, a Consumer Proposal allows you to keep what you own if the creditors agree to the amount you have committed to repay. This is particularly important if you own a vehicle, have RESPs for your children or have net equity in your home after selling costs and mortgage repayment. Money invested in an RRSP is generally protected from creditors with some exceptions (any funds contributed within the past 12-month period must be calculated into the value of your realizable assets in some provinces). Provincial government exemptions (which differ from province to province) allow you to protect various assets from seizure by your creditors.