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]
2026-07-13
MNP Consumer Debt Index
Atlantic Canadians (68%) are more likely than those in other provinces to say at least half of their income is already committed to bills, debt payments, and regular expenses before it arrives.
2026-07-13
MNP Consumer Debt Index
According to the latest MNP Consumer Debt Index, three in five Canadians (61%) say at least half of their income is already committed to bills, debt payments, and regular expenses before it arrives.
2026-07-13
MNP Consumer Debt Index
According to the latest MNP Consumer Debt Index, nearly three in five British Columbians (58%) say at least half of their income is already committed to bills, debt payments, and regular expenses before it arrives.
