Is bankruptcy an option for me personally and in my business

July 1st, 2010 by Questions

I am the sole owner of our family business, we have fallen behind aprox 50,000 in source deductions and 20,000 in personal. We have tried to stay afloat but at this point can not. Is bankruptcy an option for me personally and in my business when 80% of my debts are with the CRA?

Posted from: Ontario

Questions

One Response to “Is bankruptcy an option for me personally and in my business”



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

From the information provided is sounds like you are on the right track with a bankruptcy. It may be possible to simply file bankruptcy in your personal capacity, but that will depend on how the company is set up and whether or not you plan on continuing to try and operate the business.

At this point the best thing for you to do is to schedule a free consolation with a local trustee and they will be able to help you determine the best course of action to follow.

on a few factors.

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