will my business bankruptcy affect my husband

May 15th, 2008 by Questions

I lease to own a building/business. I am in a situation because of ignorance on my part that may require me to pay an enormus amount of back pay. I also own the federal and provincial government taxes. I am holding my own and making payments but if this other payment goes though I will be finished. I am already working in overdraft to keep the business alive. the business is in my name, but I am married and we jointly a small house with loans against it in another city where my husband lives. Will my husband be responsible or lose any of his posessions because of my debts?

Posted from: Saskatchewan


One Response to “will my business bankruptcy affect my husband”

, Barton Goth GCO Bankruptcy Trustees said:

This will depend on the exact nature of the debts in the business. As a director your husband will be responsible for:

1. Outstanding payroll deductions (ei, cpp and tax) that was witheld or should have been withheld and sent to CRA;
2. Outstanding wages in that relate to the last 6 months;
3. Outstanding GST; and
4. Any debts your husband personally guaranteed or signed on in his personal capacity.

If your husband has any of these types of debts then there will definately be repurcussions that will fall onto your husband personally.

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)