---
title: Understanding the bankruptcy and consumer proposal processes
date: 2025-12-18T11:09:00-05:00
canonical_url: "https://grantthorntonlimited.ca/en/debt-help-resources/articles/article-understanding-the-bankruptcy-and-consumer-proposal-processes"
section: Articles
---
[   Back to the hub ](https://grantthorntonlimited.ca/en/debt-help-resources/articles) 

 

 

 

# Understanding the bankruptcy and consumer proposal processes

 

 

  ![Man sitting at a desk with a laptop smiling](https://pr-assets.grantthorntonlimited.ca/craftcmsimages/Article-imagery/_articleHero/50716/Blog-images-square.webp)  

 

 

If you've just filed your bankruptcy or consumer proposal, these documents will help you better understand what to expect throughout the process.

## Frequently asked questions

[Frequently asked questions about bankruptcy (PDF)](https://pr-assets.grantthorntonlimited.ca/craftcmsimages/Assets-download-or-link/BK-FAQ-DOANE.pdf)

[Frequently asked questions about consumer proposals (PDF)](https://pr-assets.grantthorntonlimited.ca/craftcmsimages/Assets-download-or-link/CP-FAQ-DOANE.pdf)

## Process flowcharts

[The bankruptcy process flowchart (PDF)](https://pr-assets.grantthorntonlimited.ca/craftcmsimages/Assets-download-or-link/EN-BK-Flowchart.pdf)

[The consumer proposal process flowchart (PDF)](https://pr-assets.grantthorntonlimited.ca/craftcmsimages/Assets-download-or-link/CP-flowchart-revised-October.pdf)

[The Division I consumer proposal process flowchart (PDF)](https://pr-assets.grantthorntonlimited.ca/craftcmsimages/Assets-download-or-link/DIV-I-proposal-flow-chart-Revised-October.pdf)

 

 ## Latest articles

 [  ![](https://pr-assets.grantthorntonlimited.ca/craftcmsimages/Article-imagery/_articleThumbListSmall/67684/assets-CP-square.webp)  ](https://grantthorntonlimited.ca/en/debt-help-resources/articles/article-what-happens-to-your-assets-in-a-consumer-proposal) 

 [What happens to your assets in a consumer proposal?

 ](https://grantthorntonlimited.ca/en/debt-help-resources/articles/article-what-happens-to-your-assets-in-a-consumer-proposal) [ Read this article   ](https://grantthorntonlimited.ca/en/debt-help-resources/articles/article-what-happens-to-your-assets-in-a-consumer-proposal) 

 

 [  ![](https://pr-assets.grantthorntonlimited.ca/craftcmsimages/Article-imagery/_articleThumbListSmall/65155/recreational-vehicle-square.webp)  ](https://grantthorntonlimited.ca/en/debt-help-resources/articles/article-what-happens-to-an-rv-boat-or-atv-loan-if-you-file-a-consumer-proposal-or-bankruptcy-in-canada) 

 [### What happens to an RV, boat, or ATV loan if you file a consumer proposal or bankruptcy in Canada?

 ](https://grantthorntonlimited.ca/en/debt-help-resources/articles/article-what-happens-to-an-rv-boat-or-atv-loan-if-you-file-a-consumer-proposal-or-bankruptcy-in-canada) [ Read this article   ](https://grantthorntonlimited.ca/en/debt-help-resources/articles/article-what-happens-to-an-rv-boat-or-atv-loan-if-you-file-a-consumer-proposal-or-bankruptcy-in-canada) 

 

 [  ![](https://pr-assets.grantthorntonlimited.ca/craftcmsimages/Article-imagery/_articleThumbListSmall/63555/influencer-survey.webp)  ](https://grantthorntonlimited.ca/en/debt-help-resources/articles/article-influenced-into-debt-how-social-media-impacts-canadians-finances) 

 [### Influenced into debt: How social media impacts Canadians' finances  

 ](https://grantthorntonlimited.ca/en/debt-help-resources/articles/article-influenced-into-debt-how-social-media-impacts-canadians-finances) [ Read this article   ](https://grantthorntonlimited.ca/en/debt-help-resources/articles/article-influenced-into-debt-how-social-media-impacts-canadians-finances) 

 

 

 

  ## Subscribe to our newsletter

Get tips and tools to help manage your finances and live debt free.

  

\*I agree to receive communications from Doane Grant Thornton. I understand that I can unsubscribe at any time.

 

 

 

 

## **Take the first step** to debt freedom

Speak to one of our debt solutions professionals during a free, no-obligation consultation.

 [ Book a free consultation ](https://grantthorntonlimited.ca/en/get-in-touch/contact-us) 

 

## Related articles

   ![Young woman working on laptop](https://pr-assets.grantthorntonlimited.ca/craftcmsimages/Article-imagery/_articleThumbMedium/30859/self-employed-square.webp) ###  [ Self-employment income and expenses worksheet ](https://grantthorntonlimited.ca/en/debt-help-resources/articles/article-self-employment-income-and-expenses-worksheet) 

If you're an existing bankruptcy client, you're required to report your monthly income and expenses. For those who are self-employed, we have prepared a simple, fillable document to help you do so.

 [ Read this article   ](https://grantthorntonlimited.ca/en/debt-help-resources/articles/article-self-employment-income-and-expenses-worksheet) 

 

 

 

  ![woman sits on her bed with a laptop in front of her and her phone in her right hand. She is reviewing her tax information on her laptop and phone simultaneously.](https://pr-assets.grantthorntonlimited.ca/craftcmsimages/Article-imagery/Web-image-square/_articleThumbMedium/15175/Bankruptcy-Forms-Square.webp) ###  [ Bankruptcy income tax forms ](https://grantthorntonlimited.ca/en/debt-help-resources/articles/bankruptcy-income-tax-forms) 

When you file for bankruptcy, your LIT is required to file your pre-and post-bankruptcy income tax return. Find the necessary forms here. 

 [ Read this article   ](https://grantthorntonlimited.ca/en/debt-help-resources/articles/bankruptcy-income-tax-forms)