sole propietorship only source if income
July 18th, 2008 by Questions
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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July 21, 2008 at 10:15 am, 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.