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My husband owns a company

Hi, My husband owns a company and he`s thinking about declaring bankruptcy. The company is incorporated and doesn`t make any money at this point but what if, it does when he`s bankrupt?

Posted from: New Brunswick

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One Response to “My husband owns a company”

A licensed trustee said...

If your husband files for bankruptcy then the corporation he owns will be signed over to his trustee for the benefit of his unsecured creditors. That means, unless he wants to “buy it back” from his trustee, the business will cease the day your husband files for bankruptcy.

This is something your husband should discuss in detail with his trustee BEFORE he files.