October 9th, 2008 by Questions

My only debt is to the Goverment, I owe a few years of income taxes, I took some bad advice and my employer paid me through a incorporated business name I had for a business I was not operating but had not dissolved. I dont have any saving to pay? wILL DECLARING bancruptcy affect me personaly. thanks Jill

Posted from: Ontario


One Response to “taxes”

, A licensed trustee said:

I’m sorry – are you asking if you can file for bankruptcy for the corporation instead of personally? If you are the answer is yes, a business bankruptcy will affect you personally in that as the director of your corporation you are personally responsible for all government debts.

Unfortunately what you really need to speak to someone about is your personal situation (for the same reason – as a director you are personally liable to pay the government).

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)