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Business Down 70%

My credit has built up excellent after 2 personal bankruptcy? I started a business and its put me in a terrible situation. I have credit cards and a business line of credit. Would I be allowed to go bankrupt again if I needed to and would it be business and personal? If so at what cost?

Posted from: Ontario

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One Response to “Business Down 70%”

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

Now it is difficult to say wheter it is personal or business without reviewing the way you have set the business up and how you have structured the credit cards and lines of credit.

Now you technically can file a third bankruptcy, but I would strongly suggest you look at other avenues as a third bankruptcy is much more difficult than a first or second. As a result it is very difficult to determine what the cost would be, other than to say you will be in a bankruptcy at least 24 months, more likely 36 or potentially even longer and during that time you will consistently have to be making payments to the trustee based on the surplus income obligation in the Bankruptcy and Insolvency Act.

In most cases such as yours I suggest trying to file a consumer proposal instead as it will help you to avoid some of the more severe consequences of a 3rd bankruptcy. But you are best to contact a local trustee about this as they will have to review your situation to determine if this would be a possible course of action.