October 26th, 2009 by Questions

My husband owns a business with partners and they are going to go bankrupt. How does this affect my life at home? Will the government look at the debt as a 1/3 for us or are they going to try to get us for the entire amount owed? Will this affect our home? How will the government go about getting the money? Can we carry on as usual and pay them off monthly? Or will they take any equity from our home? I`m scared we will have to pay it all when we should only be paying 1/3.

Posted from: Ontario


One Response to “Bankruptcy”

, A licensed trustee said:

Unless it was a limited liability partnership each partner is on the hook for the entire debt. That means the creditors have the right to try and collect the debt from any/all of the partners. Sorry, but if you’ve got more money than the other partners then you may end up paying more of the debt…

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