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Keith Caverly

Bankruptcy Thunder Bay: Help You Can Count On

Bankruptcy allows you to release your debts, stop collection calls, end wage garnishments, and get on with your life.

How Does Bankruptcy Work in Ontario?

This is a basic guide to the 10-step bankruptcy process in Canada. It contains information about the rules and process of filing or applying for bankruptcy in order to eventually be discharged.

The bankruptcy process in Canada (declaring bankruptcy) is a big step and not one to take lightly. Once you assign yourself in bankruptcy it is extremely difficult to change your mind.

Do yourself a favour and make sure that you have explored alternatives to bankruptcy, including submitting a consumer proposal or pursuing debt consolidation, before you decide to go bankrupt. No matter how difficult your money problems may seem today, it is important to carefully consider your options before coming to a decision with potentially long-term consequences.

Contact us today if you would like to discuss filing for bankruptcy. Thunder Bay and the surrounding area are unique, and as locals we take pride in understanding what Thunder Bay residents really need.


Commonly Asked Questions About Bankruptcy

Step 1: Find out if you need to declare bankruptcy

Step 2: File paperwork with your licensed insolvency trustee

Step 3: Your non-exempt assets will be sold

Step 4 – 6: Creditors are informed of your decision to file bankruptcy

Step 7: Attend credit counseling sessions

Step 8 – 9: Report to the Office of the Superintendent of Bankruptcy (OSB) Canada and end discharge process

Step 10: After bankruptcy discharge


Every client’s financial situation is different, and bankruptcy isn’t always the right approach to managing your debts. At Keith Caverly & Associates, we always encourage our clients to consider alternatives to bankruptcy, such as Consumer Proposals or credit counselling. We also provide guidance and advice when you’re not sure about the next steps in your financial recovery. To determine whether bankruptcy is the right solution for you, contact us today to schedule a free, no-obligation consultation.

The first step in declaring bankruptcy is to contact a Licensed Insolvency Trustee, like Keith Caverly. With your LIT, you will discuss your options and determine whether bankruptcy is the appropriate next step in your financial journey. You will then file legal paperwork with your LIT. Later, you will attend mandatory credit counselling sessions and eventually end the bankruptcy discharge process.

A bankruptcy discharge occurs when you have completed all the legal requirements brought by your bankruptcy. At this point, you will be released from those obligations.

Officially, a bankruptcy ends with a bankruptcy discharge. However, this is by no means the end of your financial journey. From here, you will need to start rebuilding your credit and getting your financial house in order. A licensed insolvency trustee can help with this process.

Part of the bankruptcy process includes your licensed insolvency trustee filing your income tax return for you. If you did not file a tax return for the year prior to declaring bankruptcy, your trustee will do that first. Then they will file a return for the period of January 1 until the day prior to you filing for bankruptcy. Any refunds or tax credits from the government will be sent to your trustee and form a part of your estate. 


Some Frequently
Asked Questions

• Keep your car, home and RRSPs*
• Stop harassing creditor calls immediately
• Get the largest debt reduction that is fair

Consumer Proposals are an Alternative to Bankruptcy

What are the Advantages of a Consumer Proposal?

Keep your car, home, and RRSPs?

Stop harassing creditor calls immediately

Get the largest debt reduction that is fair

Got questions?

You can request a free consultation session.

For more information please
contact us at 807-285-2525