Comments on: is a consumer proposal or bankruptcy http://www.bankruptcy-canada.ca/what-i-keep-or-lose-in-bankruptcy-in-canada/2010/01/is-a-consumer-proposal-or-bankruptcy.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/what-i-keep-or-lose-in-bankruptcy-in-canada/2010/01/is-a-consumer-proposal-or-bankruptcy.html#comment-113026 Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy Fri, 08 Jan 2010 14:58:46 +0000 http://www.bankruptcy-canada.ca/what-i-keep-or-lose-in-bankruptcy-in-canada/2010/01/is-a-consumer-proposal-or-bankruptcy.html#comment-113026 If you own the franchise it is an asset that has to be addressed in both a <a HREF="http://www.bankruptcy-canada.ca/whatIsBankruptcy.htm" rel="nofollow">bankruptcy</A> or a <a HREF="http://www.bankruptcy-canada.ca/consumerProposals.htm" rel="nofollow">consumer proposal</A> scenario. Ultimately what would have to happen is the franchise would be valued and your unsecured creditors would have to realize the value of the buisness. This could be from you making payments over time or it could go as far as the sale of all the business related assets. Ultimately your interest in the business is a non-exempt asset that would vest in the trustee (in bankruptcy) and arrangements would have to be made. The exact arrangements would largly depend on what the value of that business is. If you own the franchise it is an asset that has to be addressed in both a bankruptcy or a consumer proposal scenario. Ultimately what would have to happen is the franchise would be valued and your unsecured creditors would have to realize the value of the buisness. This could be from you making payments over time or it could go as far as the sale of all the business related assets.

Ultimately your interest in the business is a non-exempt asset that would vest in the trustee (in bankruptcy) and arrangements would have to be made. The exact arrangements would largly depend on what the value of that business is.

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