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sole propietorship only source if income

if i owed 50,000 and submitted a proposal (for personal debts) in hopes for 50% to be paid to creditors, and I do not show a stable source of income (personal income) and the business does. Could the business pay 500.00 per month for the proposal? (for example)

Posted from: Ontario

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One Response to “sole propietorship only source if income”

Barton Goth – Goth & Company Inc. – Bankruptcy Trustees said...

On the surface I don’t see any problem with this type of arrangement. You may be required to sign a 3rd party guarantee as director of the business, but that is pretty easily done. The best thing to do is to contact a local trustee directly, bring copies of your business financial statements and see if this is something the trustee would view as feasible.