Sole propreitorship and bankruptcy
April 15th, 2008 by Questions
My assets: I operate a small grocery store as a sole propreitorship in Toronto. My wife helps me run the store. We don`t employ anybody else. I lease the premises. At any point of time I have about 40K in inventory. We make anywhere between a 2K loss per month to a 5K profit.
My liabilities: I had a good job till October 2006. An automobile accident has left me jobless with an unsecured debt of about 140K which has become a year past due. My wife is not a signor on any of those loans.
My questions: If I declare Bankruptcy will I be allowed to continue running the store? Will my inventory be seized? How will my income and my wife`s income be calculated from the grocery store profit/loss during bankruptcy?