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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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Would creditors sue me personally for recovery

I have personally gauranteed for my business to a line of credit, a few company credit cards as well as a private business loan. My company is going unders and I have no personal assets left. Would these creditors sue me personally for recovery? Can they put me into personal bankruptcy? I also have some personal credit card debts on which I plan to make minimum payments from a proposed employment.

Posted from: Ontario

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One Response to “Would creditors sue me personally for recovery”

A licensed trustee said...

It is likely at least some (probably most) of the business debts you have guaranteed will try and collect from you if/when the business fails to pay. The reason they had you guarantee the debts was to give them recourse against you if the business fails…