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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Business or Personal Bankruptcy

I filed bankruptcy in 2000 discharged 2001 due to a divorce in 1994 I just couldn’t keep paying the debts and raise the kids. I remarried in 2003 and seperated in 2005. I am a shareholder in my ex’s business. He walked out on the business (he ran it) and the house after I left. I have signed personal guarantees to business loans and have my name on the mortgage. He is now unemployed I am employed. I still have a dependant. He applied and received 2 credit cards before our marriage. I used these as a second cardholder, I feel I must claim bankkruptcy and have been advised to do so by a lawyer. Are the credit cards my responsibility? Is this a business bankruptcy or personal bankruptcy when personal guarantees are given? I did not have independant legal advice but the lawyer stated this would cost a lot to pursue. I hate the thought of going bankrupt I have been debt free for 5 years and had established a reasonable credit again. I am angry and upset how should I handle this? I dont want to have my wages guarnasheed I have a child to support and I am 51 I was just going to start saving for retirement. What is my best course of action as he has no intention of dealing with this and is sending all the business creditors to my door along with the mortgage company and credit card companies.

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One Response to “Business or Personal Bankruptcy”

A licensed trustee said...

Unfortunately, if you used any of the credit cards (even as a secondary card holder) you are likely responsible for the entire credit card debt.

Similarly, if you provided personal guarantees on the business debts then the businesses creditors have the right to pursue you personally for the amount of your guarantees.

If you have already discussed this with your family lawyer and they have advised you to consider bankruptcy then your next step is to find a local trustee in your area to deal with. Try the links at the side of the page to find a trustee in your area to discuss your options.