Declaring bankruptcy for business
October 1st, 2008 by Questions
I own a business for just over 10 years but is not profitable. My income tax records show a loss each year. I am trying to sell the business but since it is a loss each year, no one is interested in buying it. I had to remortgage my house to buy this business initially 10 years ago. I also had to use a shared personal line of credit with my wife in order to pay off some debts, including a court case that I won (but still had to incur costs for defense). My question is if I am in debt with this line of credit and also mortgage payments (which is really payments for the business), can bankruptcy be an option for me? If so, will my wife be affected for the business/mortgage payments and the line of credit?
Posted from: British Columbia