bankruptcy on an incorporated company

May 22nd, 2010 by Questions

I am the sole owner of an incorporated company, I owe around $20,000 in payroll for 2007 that I have not yet paid, GST and PSt and others Totalling around $55,000. I Personally owe $8800 to visa, $2000 in overdraft and a $6000 loan to the bank. I also have a car loan of about $15000 that I would Like to Keep. If I were to go bankrupt personally and for the business would I be protected from legal issues and can I file them together or seperate and how much would it cost? I also make around $60,000 a year as of now and am the only worker of the family of three.

Posted from: Ontario

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One Response to “bankruptcy on an incorporated company”



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

As long as you close the company prior to filing for personal bankruptcy, then you will be cleared of any obligation personally or related to the company. But for more details on how this will progress and the estimated cost of bankruptcy you really need to contact a local trustee

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