Comments on: business and personal http://www.bankruptcy-canada.ca/bankruptcy/2008/10/business-and-personal.html Personal Bankruptcy Canada Blog Fri, 10 Feb 2012 15:23:44 +0000 hourly 1 By: Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy http://www.bankruptcy-canada.ca/bankruptcy/2008/10/business-and-personal.html#comment-64981 Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy Fri, 31 Oct 2008 14:00:23 +0000 http://www.bankruptcy-canada.ca/bankruptcy/2008/10/business-and-personal.html#comment-64981 From the sounds ofit you are better off to simply close the two companies, don't place them into bankruptcy, simply ensure their final year end tax returns are done and then walk away. If you file for bankruptcy personally you will be cleared from any of the debts that will survive the corporate entity and you won't be responsible for the cost of the companies filing a bankruptcy. If your corporate creditors want to force the companies into bankruptcy then they can do so, but they will be responsible for the cost, not you. In this situation it will be important for you to consult with a <a href="http://www.bankruptcy-canada.ca/emailUs.htm" rel="nofollow">local trustee</a> just to ensure that there is nothing in the companies that suggests you need to place them into bankruptcy yourself, but from the limited information above it doesn't sound like you will have to worry about it. From the sounds ofit you are better off to simply close the two companies, don’t place them into bankruptcy, simply ensure their final year end tax returns are done and then walk away.

If you file for bankruptcy personally you will be cleared from any of the debts that will survive the corporate entity and you won’t be responsible for the cost of the companies filing a bankruptcy. If your corporate creditors want to force the companies into bankruptcy then they can do so, but they will be responsible for the cost, not you.

In this situation it will be important for you to consult with a local trustee just to ensure that there is nothing in the companies that suggests you need to place them into bankruptcy yourself, but from the limited information above it doesn’t sound like you will have to worry about it.

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