http://www.bankruptcy-canada.ca/bankruptcy/2008/09/inventory-purchased-with-credit-cards.html Personal Bankruptcy Canada Blog Fri, 10 Feb 2012 15:23:44 +0000 hourly 1 http://www.bankruptcy-canada.ca/bankruptcy/2008/09/inventory-purchased-with-credit-cards.html#comment-58137 Barton Goth - Goth & Company Inc. - Bankruptcy Trustees Tue, 30 Sep 2008 14:14:12 +0000 http://www.bankruptcy-canada.ca/bankruptcy/2008/09/inventory-purchased-with-credit-cards.html#comment-58137 This is difficult to tell without reviewing the documentation associated with the secured loan. However, if the inventory is not secured by that loan it is considered an asset of the business. However, as shareholders in the business if there are assest in the business then there is a good possibility those shares have value that would be equivallent to assets in the business. So indirectly these assets will have to be addressed if you file for bankruptcy. The best thing to do is to contact a <a href="http://www.bankruptcy-canada.ca/emailUs.htm" rel="nofollow">local trustee</a>, bring documentation concerning any loans, and then the trustee will be better able to advise you. This is difficult to tell without reviewing the documentation associated with the secured loan. However, if the inventory is not secured by that loan it is considered an asset of the business. However, as shareholders in the business if there are assest in the business then there is a good possibility those shares have value that would be equivallent to assets in the business. So indirectly these assets will have to be addressed if you file for bankruptcy. The best thing to do is to contact a local trustee, bring documentation concerning any loans, and then the trustee will be better able to advise you.

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