A few questions:
I run a limited company that owns property. This property has a private mortgage on it, and I also have some outstanding property taxes, Income tax, and other debts.
The main thing I am wondering about is if I were to declare bankruptcy what would happen to the property?
I am sure I was the one who signed on the mortgage and I am pretty sure it was in my personal name, but can`t remember for sure.
Another question, will a bankruptcy me from money owed to Revenue Canada?
How will our family home be treated? It is in both our names, will we loose it?
bankruptcy questions
Posted on Wednesday, March 12, 2008
posted by Questions @ 6:56 am
1 Expert Comment:
At April 4, 2008 |
3:23 pm
, Barton Goth GCO Bankruptcy Trustees Said...
You have raised a number of sensitive issues and will need to discuss these quetsions with a trustee. When you go to sit down with the trustee you will have to be able to explain the following before he will be able to provide any direction.
1. Details about the company (who owns it, who is director, who are the shareholders, what assets and liabilities exist in the company);
2. Details about your principle residence (who is on title, how much the mortgage is, what the value of the home is etc.)
With sufficent details these questions will be easy to answer but without this information answers simply aren’t possible.
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