Business debt

October 28th, 2008 by Questions

I had a business that incurred $32000.00
of unsecured debt. The business has not been active for approx 4 years now. I have been making minimum payments on this debt out of my own pocket because I was afraid my personal credit rating would be tarnished. I can not see an end in sight for this debt. What are my options??

Posted from: Alberta


One Response to “Business debt”

, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

The best thing to do would be to contact a local trustee directly as there is a number of things that will have to be exlored in order to fully answer this question.
1. How has the business been set up, is it a proprietorship, a limited company etc.?
2. What type of debts are in the business. Do you have anything outstanding that relates to payroll remittances, wages, GST or have you signed any personal guarantees?

These are the primary two questions that we would need to answer before we could advise you which options you should look at and depending on the answers to these questions there may be a few other avenues that need to be explored. So again, you need to contact a local trustee directly and after they clarify a few of the above issues then they could outline the various options.

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