FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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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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What will happen to the 1st business and our house

My husband and I are self employed, we opened another business that is legally a partnership and the 1st business is legally his sole prop. The 2nd business has not done well and we are sure we will have to file bankruptcy. What will happen to the 1st business and our house?

Posted from: Ontario

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One Response to “What will happen to the 1st business and our house”

A licensed trustee said...

When you file for bankruptcy any/all of your assets that have any net value are signed over to your trustee as a means of settling your debts. If you have equity in your house or the sole proprietorship business has value then these are things that your trustee will try and sell.

If you are able to pay an amount equal to the equity in your house or the value of the business then your trustee will be pleased to “sell” these things back to you – this happens quite often when people file for bankrutpcy.

I suggest you use the links to contact a trustee in your area and go and sepak to them.