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personal and business bankruptcy in Canada

Hi my incoporation owes 70000 to CRA and about 50000 to vendors. and i have 25k on personal credit card, 7k on student loan, 5k on personal credit card.

i have no assets and i rent. i have a decent condo with nice ammenities.

do i have to claim personal bankrupcy for the money owed to cra?

what will be the cons in my future of claiming bankruptcy now?

Thanks

Posted from: Ontario

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One Response to “personal and business bankruptcy in Canada”

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

From the sounds of it a bankruptcy or a consumer proposal are the likely ways to address these outstanding debts.

If you have to file either a bankruptcy or a consumer proposal the major con associated with either or these options is impact on your credit. As a result of a bankruptcy you have an R9 listed with the credit bureau for 6 years from the date of completion, with a consumer proposal you are looking at a R7 for 3 years from the date of completion.

The best thing for you to do is to contact a local trustee, review your situation and have the trustee explain the process and review some of the options so that you will have a better understanding of the decision you are facing.