Might not have a choice!

January 18th, 2012 by Questions

My credit has been perfect since a previous bankruptcy in 1995. My history of bankrupcty shows 2 previous bankrucptcies back in the 80’s which is a very long story, some not completely correct and I have documentation. So technically if I go bankrupt again the registar would believe this would be my forth time. I own a home in another province and a 2010 vehicle which I have to keep. I am about $200k in debt and been without work for a few months and starting to fall behind for the first time in 20 years. Im also the sole owner of a Canada Inc. corporation that has no value at the present but could prove to be my livelihood in the future. What are my options, what would I lose and how can I get out of this mess without suffering for the next 14 years or more? Thanks

Posted from: Ontario

Questions

One Response to “Might not have a choice!”


, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

There are a number of things you have identified that will require far more information than this venue will allow, so you are best to contact a local trustee so they can run through all of the details.

But the important issues to consider. First, the best way to avoid this 14 year impact is by looking into a consumer proposal. This is the most common way to avoid the filing of a bankruptcy and may do just that for you as well. The challenge with that is going to be your current employment situation, but you can discuss that directly with the trustee you meet with (for reference,to be qualified to administer a consumer proposals you must be a licensed trustee).

The second part is the house you own that is in another province. As you don’t live there any equity in the premises must be considered when putting together the consumer proposal, so make sure you bring a summary of what it is worth and what is owing against it when you meet with the trustee.

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