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Posts from the 'Corporate Insolvency' category

Petitioning a debtor into bankruptcy. Will it cost the creditor?

2013-10-16 19:02:53

 

I have a couple of questions with respect to Involuntary Bankruptcy or petitioning a debtor into bankruptcy:

1.  Does the debtor pay for the bankruptcy or does the petitioner?or Will it cost the creditor?

2. Are the terms for discharge etc the same as a voluntary bankruptcy?

 

Answer

With regards to petitioning someone (i.e. a person) into bankruptcy, you have to...[more]

Business Debts Personally Guaranteed

2014-04-08 20:54:57

I have recently closed a business and there are debts remaining that I personally guaranteed.  I took out a government guaranteed loan from a Canadian major Bank for purchase of most of my equipment.  Loan was for $70K co-signed by my Dad.  If I default Dad (me) will be on the hook for just over $17K shortfall.  I borrowed an additional $157K from my parents for the balance of equip purchases, capital improvements to my...[more]