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Owner/Operator job

We are thinking of going bankrupt with a large portion of our debt being income taxes (around 11,000) and my husband is an owner/operator. If we do go bankrupt will my husband be forced to not be in an owner/operator position? Is there a chance we can sign a contract to pay taxes bi-weekly or something???

Posted from: Ontario

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One Response to “Owner/Operator job”

A licensed trustee said...

Filing bankruptcy will not force your spouse to stop being an owner/operator, BUT your trustee will likely ask you to take a good ahrd look at whether or not it makes sense to keep running your own truck given the current economy.

In regards to paying his taxes (if he remains an owner/operator) the system that works best for most people is to hire a bookkeeper to look aftre the businesses accounts and have them prepare a pay an instalment on your spouses income taxes every month. As an owner/operator your spouse is responsible to pay his own taxes…