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*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

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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 Super Intendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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How will my business` bankruptcy affect my personal financial situation

The business that I own will most likely go bankrupt, the business has bank loans (for the business start-up) the 2 owners have signed personal guarantees, I have credit cards and loans that I pay without any problems, can I get protection from only one selected creditor ie the lending bank from the business?

Posted from: Quebec

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One Response to “How will my business` bankruptcy affect my personal financial situation”

Barton Goth – Goth & Company Inc. – Bankruptcy Trustees said...

With a bankruptcy and any of the other options done under the Bankruptcy and Insolvency Act (consumer proposals, orderly payment of debt and bankruptcy) you cannot pick and choose what debts to include, it is an all or none type of situation. So these options can protect you from your creditors but it must be all your creditors, not a specified few.