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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 and Personal Bankruptcy

I have a small business which both my wife and I draw from. She is not an owner. We flow our vehicles through the business as well. Our house (w 3 children) is in my wife`s name. We are experiencing working capital problems with the business and I have amassed a personal debt on the business which is becoming seriously cumbersome. It has now affected my personal credit.

It feels like we`re going to lose EVERYTHING if I don`t change things. What are my options here? Is bankrupting me personally the answer, to help the business and our family survive???

Posted from: Ontario

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One Response to “Business and Personal Bankruptcy”

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

This is a question you will have to discuss personally with a local trustee. When you are looking at two potentially separate legal entities (i.e. you and potentially the business depending on how it is set up) there are simply so many things to consider this venue doesn’t allow for sufficient detail. The trustee will have to look at both yours and your business’s cash flow, assets, and liabilities to start, so it would be helpful for you to bring as much of that information with you when you do sit down with the trustee.