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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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losing a business

I have had my own business for a year now and My husband and I are having to file personal bankruptcy. We cannot keep up with credit card debts and loan payments I am taking every penny from my business to support the house right now. Will I lose my business ?

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One Response to “losing a business”

A licensed trustee said...

It literally depends on the type of business (legal structure as well as what the business does) and whether or not the business has any “net value”. If the business has a value that can be determined then you may have to pay an amount equal to that value to your trustee in order to keep it.

This may become complicated – your best option is to speak directly to a trustee about your situation.