business bankruptcy

February 6th, 2009 by Questions

Hi I am looking a filing for bankruptcy in regards to my business everything is in my name, will my husband be effected by this. Also I have a promissory note from the people I bought the business from I had borrowed money from them for the business, would that be added to the bankruptcy, and one more question I have a four year lease left where was business is , do I still have to continue to pay this.

Thank you melodie

Posted from: Manitoba

Questions

One Response to “business bankruptcy”


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

This is a difficult discussion to have without knowing how the business was set up. As a result it will be important for you to meet with a local trustee to discuss the details of the business structure and how it relates to the types of the debts you have.

However, the debts you list (lease, promissory note etc.) will likely be cleared with the bankruptcy. But to be sure, bring a list of all the creditors of yourself and the business with you when you meet the trustee and they will verify for you how the debts will be treated.

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