FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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line of credit

All my creditors are paid through my line of credit. My failed business is dissolved, but I`m still paying leases on equipment and rent on the office, in the hopes that the business will sell. The business has been listed for 3 months with little interest. Can I get out of my leases and rent commitment and be done, and just start slowly paying off my debts or would a consumer proposal be a better route to go?

Posted from: British Columbia

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One Response to “line of credit”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

This is going to depend on the contracts themselves, how they have been worded, how the business has been set up (proprietorship vs. incorporated entity) and whether there are any personal guarantee’s involved.

What I would recommend is that you review these details with a local trustee and once they understand where you are sitting they will easily be able to answer these questions.