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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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what do I do

My sole properitorship business is failing, I am in serious debt and do not have the ability to pay off my business loans and expenses. All my credit cards are maxed out and I am missing payments, and all my creditors are demanding full payment, I have no other source of income and don’t know what to do. The longer I stay in business the more debt I’m accuireing, but if I close the business I have absolutley nothing to pay any bills, what can I do?

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One Response to “what do I do”

A licensed trustee said...

A couple of things to do fairly quickly: if you have an accountant call them or go see them. I am not refering to the person who does your books – I am talking about the person you see about your taxes and business planning.

If you don’t have an accountant then you may want to contact one of our local affiliates. It is dangerous to give even general advice to small businesses over the internet – you really need to talk to someone about your specific situation.