Filing for Bankruptcy
August 23rd, 2011 by Questions
I have decided that I am going to be filing for bankruptcy as I have a failed business and can no longer make my lease or other business payments.
When I meet my trustee, can they get this process started right away to put me under bankruptcy protection so that I don’t have to deal with my creditors directly in the short term? Or do I have to wait a few months until my business taxes are done and all my creditors have sent me bills for what I owe them? I am filing for personal bankruptcy, but from what I understand I still need to at least have my business taxes done to provide the trustee?
I already have a general idea of what I owe each creditor from my business, but I don’t want to have to wait to get this process started since I already know that this is my only option at this time. I would never be able to even pay back 1/3 of this debt via consumer proposal as I only have 1 income in my household and the debt is quite high since their is a commercial lease involved.
In other words, what I am asking is, can this process be started and my creditors informed of this right away, or do I have to wait until I get letters from them indicating what my balances are?
Thank You for your response.
Posted from: Ontario