How will my business` bankruptcy affect my personal financial situation
The business that I own will most likely go bankrupt, the business has bank loans (for the business start-up) the 2 owners have signed personal guarantees, I have credit cards and loans that I pay without any problems, can I get protection from only one selected creditor ie the lending bank from the business?
Posted from: Quebec
With a bankruptcy and any of the other options done under the Bankruptcy and Insolvency Act (consumer proposals, orderly payment of debt and bankruptcy) you cannot pick and choose what debts to include, it is an all or none type of situation. So these options can protect you from your creditors but it must be all your creditors, not a specified few.