Personal Debt Solutions Canada - Frequently Asked Questions

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Corporate and Small Business Bankruptcy and Insolvency Issues

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Many times personal insolvency issues can result from business failure of a limited corporation or a sole proprietorship or partnership. Understanding your obligations under each situation is necessary to understanding which debt repayment option will work best in each unique situation.

I am self-employed and I am using my personal credit line to keep up with payments to creditors for my business debt. I do not want to go bankrupt or close my business. What can I do?Answer

I thought my bookkeeper was taking care of both my personal and business expenses. I found out that bills from the business suppliers are past due, and that the credit cards and line of credit are now maxed out. I need to get back on track or my suppliers won’t deal with me anymore, which will basically stop me from earning an income.Answer

My business isn’t making as much money as I had expected, and I have had to use my personal credit to cover expenses, like wages and supply costs. My personal debt seems to be growing faster than my business can pay me. What can I do?Answer

My spouse is considering opening a new business. We have a joint line of credit. Can we use this line of credit for the business operations?Answer

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