September 9th, 2008 by Questions
I have a personal line of credit maxed out at $90K and personal credit card maxed out at $15K, I own no property, or vehicle (leased) ,but I own 100% of a corporation which owns a restaurant in Ontario that is not doing very well. If I go bankrupt personally,what happens to the shares of the corporation that I own. Would I be able to still operate the restaurant. Thanks Ken
Posted from: Ontario
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September 10, 2008 at 7:54 am, A licensed trustee said:
The shares you own in yur restaurant are an “asset” that your trustee will have to turn into cash (for the benefit of your creditors). Unless you can afford to buy the restaurant back rom your trustee it will likely be closed the day you file for bankruptcy.
If the restaruant isn’t making any money does it make any sense to want to keep it open? I think you may want to spend some time looking at the “big picture” – what are you going to do differently in the future? What are you going to do to earn a living so that you won’t have to relay on credit again (since you won’t have any after you file for bankruptcy…)?