Personal Bankruptcy Forum

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Author:   Meier
Date:   September 9, 1999
Question:   My husband and I have just opened up our own business, however we are not making any money. If we declare personal bankruptcy, how will this affect our business? I know we have to pay back our business loan, no matter what the circumstances, but will this affect the way the bank treats us? Can they call in this loan when they find out we've declared personal bankruptcy?
 


From:
 

Shane Brenneis, Collins Barrow Limited
Date:   September 13, 1999
Answer:  

The situation will vary depending on whether your business is incorporated or a sole proprietorship. Also, is the business viable or should it be closed down? The situation is too complicated to advise over email.

You should contact a Trustee in your area by looking in the yellow pages under "Bankruptcy" to obtain a free assessment of your financial situation.

If you have any further questions or want to come in for a free assessment to our office, please call or email me using the information below.

Shane Brenneis
phone: (403) 298-1575
sbrenneis@collinsbarrow.com




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