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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Bankruptcy

Hi , thank you for taking time to answer,
i am a director or a small company , i have debts whichi am finding hard to repay, i have approached in debt solution, which they negotitiated payemnt terms with two credit card companies, the other two card companies have tunr down the proposal

i am serious considering filing bankrutcy as these two cards total to $60,000 .
Will i need to close the company as well? can i just file preosnal bankruptcy and operate the company?

please advise

Posted from: Ontario

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One Response to “Bankruptcy”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

This is a challenging question to answer with such limited information.

But, depending on what type of company we are dealing with and the nature of how this compay set up, you can continue to operate teh company (although you will have to remove yourself as director). But realistically you are best to meet directly with a local trustee as the specific nature of the business may have an impact on whether or not this is possible.