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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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Bankruptcy

My company, a limited company, has been defunct for almost 4 years now. There is an outstanding business credit debt of approx 35,000.00. I have been making the interest only payments on this out of my own pocket and find I can not continue this. There is no hope of ever getting this paid off. What are my options?

Posted from: Alberta

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One Response to “Bankruptcy”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

You may not need to do anything. If you haven’t signed a personal guarantee and the credit card is through the business you would have no personal obligation to pay the outstanding debt. You could just let the company die, inform the credit card company that the company is closed, there are no assets and no revenues coming in and as a result the debt will not be paid.

If you have signed on the debt personally (i.e. signed a personal guarantee or simply had the credit card in your name and used for business purposes) then you are personally responsible and would have to make some type of arrangements. We really could explore three things (Orderly Payment of Debt, Consumer Proposal or Bankruptcy) as either of these three could help to deal with the outstanding debt.

The best thing at this point is to determine if you signed in your personal capacity and if so then you will likely need to contact a local trustee.