Filing for Bankruptcy

August 23rd, 2011 by Questions

I have decided that I am going to be filing for bankruptcy as I have a failed business and can no longer make my lease or other business payments.

When I meet my trustee, can they get this process started right away to put me under bankruptcy protection so that I don’t have to deal with my creditors directly in the short term? Or do I have to wait a few months until my business taxes are done and all my creditors have sent me bills for what I owe them? I am filing for personal bankruptcy, but from what I understand I still need to at least have my business taxes done to provide the trustee?

I already have a general idea of what I owe each creditor from my business, but I don’t want to have to wait to get this process started since I already know that this is my only option at this time. I would never be able to even pay back 1/3 of this debt via consumer proposal as I only have 1 income in my household and the debt is quite high since their is a commercial lease involved.

In other words, what I am asking is, can this process be started and my creditors informed of this right away, or do I have to wait until I get letters from them indicating what my balances are?

Thank You for your response.

Posted from: Ontario


One Response to “Filing for Bankruptcy”

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

Often a bankruptcy can be filed in a few days from the time you meet your trustee. This is partially dependent on what types of tax returns are outstanding, but that is something you will have to discuss with that trustee you meet with.

In terms of your business creditors, you may only need to list a portion of them, depending on what legal structure the business was organized under, but likely most of that information will not delay your filing.

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