Sole Propietor

July 17th, 2008 by Questions

I am the sole propietor of a small business. The past 4 yrs have been real tight, we dropped a client that was more trouble than they were worth; they were also a constant source of income (when they paid).
Now they are gone I have my sanity but the income is down 40 grand a year.
If I file for personal bankruptcy, can I still run my business or would I have to give up what I love?

Posted from: Ontario


One Response to “Sole Propietor”

, A licensed trustee said:

If your business is not incorporated then you will not be required to “give it up” if you file for bankruptcy. Your trustee will have to determine if the business has any value and if it does you will be required to “buy it back” from your trustee, but you should be able to continue doing what you do.

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