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I have closed my business due to very poor sales, have about 50K in creditor debt, and another 125K in secured business loan. Thinking that bankruptcy would be the way to go right now, but what happens to my secured loans? Can I take them on personally?

Posted from: Alberta

One Response to “owner”

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

What you need to do is to contact a local trustee. The reason is that the answer to your question is going to vary with the nature of the business, the nature of the secured loan and the assets it is attached to. A bankruptcy may very well be the right way of doing this, but you should review the details with a trustee to be sure.