Business Related Bankruptcy

2008-10-07

 It depends on a few things: - If your business is a corporation (a legally incorporated company), you may or may not be personally liable for the company's debts; - If your business is a partnership or sole proprietorship, you are personally liable for the business debts. Your decision as to whether or not a personal bankruptcy makes sense depends on what your total debts are and what resources (income, assets, etc.) you have to pay the creditors.  Are you also wondering whether the company should do a bankruptcy?  If it is a corporation and the corporation's debts are only $5,000, it wouldn't make any sense to do a bankruptcy of the company. If you want to provide a bit more information, I can give you a better answer.  Or if you wish, feel free give me a call or email me. Judy A. Scott Vancouver - Port Moody - Abbotsford 604-617-1711   [email protected]

Latest Blog Posts

2025-09-04

Will Bankruptcy Erase All Of My Debt?

Mary Plahouras Rob Shier

Bankruptcy

The intention of Canadian bankruptcy law is to provide honest and overextended debtors the opportunity for a financial fresh start.

Read More

2025-09-02

How to budget when you’re living paycheque to paycheque

Caryl Newbery-Mitchell

Lifestyle Debt Debt Solutions

You already know the many benefits of skilled money management. The fact you’re reading this blog post says at least that much. Your challenge, like for most households, is how to navigate the seemingly infinite demands on your frustratingly finite income.

Read More

2025-09-02

MNP’s Atlantic Canadian guide to affordable fun

Lifestyle Debt

Have fun on a budget with our guide to affordable activities in Atlantic Canada.

Read More

Consultation icon