FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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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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Personal Bankruptcy

My wife and I own a limited business which is financially sound but our personal finances are in bad shape. We have not missed any payments yet but it is very tight. If we chose personal bankruptcy would it affect our business.

Posted from: Nova Scotia

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One Response to “Personal Bankruptcy”

A licensed trustee said...

If you and your wife are the only shareholders of thie limited business and you file for bankruptcy then the shares of the business will be transferred to your trustee (for the benefit of your creditors). In layman’s terms, that means your trustee will own the business. I am sure your trustee will be pleased to sell the business to you for its fair market value. I am equally certain that if you don’t want to buy it back, and no one else wants to buy it, your trustee will simply close the business the day you file for bankruptcy.

Obviously this is something you need to sort out BEFORE you file – whatever trustee you decide to work with should be able to walk you through the process.