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Bankruptcy for self employed

I am sole owner have busines gst registration number in my own name and am self employed doing
customer service / call center support business at home i am the only person operating business.
Due to big diffrence in income and debt ratio I want to file for bankrupcty.
My question is I am eligible to file bakruptcy in chapter 7 as personal bakrupcty or i have to file chapter 13 business bankruptcy??

Posted from: Ontario

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One Response to “Bankruptcy for self employed”

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

I think you are a little confused as when dealing with bankruptcy in Canada, there is no such thing as chapter 7 or chapter 13. These are American terms and are not applicable.

However, under Canadian laws, you are eligible to file for bankruptcy in Canada, regardless of being self employed or not. So the first thing I would suggest is for you to sit down with a local trustee and they will be able to explain how the process in Canada works.