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Corporation vs personal and divorce

My ex wife and I own a company together. She left s few years ago but still remains on the Corporation papers (she will not sign off). We had very poor bookkeeping and while settling our divorce the books showed a huge debt to the Government, banks, and some suppliers ($110,000) I have personally treid over the last 2 years to keep the company afloat and have borrowed $40,000 of my own money to keep it alive. I am on a payment plan and have almost paid Gov but Visas and line of credit are still overwhelming. If I was to consider bankruptcy, which way do I go corporate or personal or both? We have approx $170,000 still in trust from the sale of our house, is that affected?

Thank You
James

Posted from: British Columbia

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One Response to “Corporation vs personal and divorce”

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

It is impossible to tell whether you are looking at a corporate or personal bankruptcy (or potentially both), without reviewing the details of the corporation (i.e. assets, liabilities etc.) I would recommend you contact a local trustee to do so.

As for the money from the sale of the house, if you file for personal bankruptcy this is likely something that you would loose and it would be distributed among your creditors.