IS THERE A NEED TO FILE FOR PERSONAL BANKRUPTCY WHEN MY BUSINESS CLOSES?

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Is There A Need To File For Personal Bankruptcy
When My Business Closes
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About us

• We at Credit 720 work for you in a similar way
  just as your Tax Consultant or Accountant. You
  hire our expert advice in debt negotiations as we
  help protecting your assets and safeguarding your
  rights as our esteemed client.
• Our goal and aim is to protect your best
  self-interest and not the creditors, the advice
  that we offer will make sure you are represented
  and treated fairly regardless of your current
  financial situation with respect and dignity
  throughout the negotiation process of a Consumer
  Proposal or a Bankruptcy until you receive your
  final discharge or a Certificate of full
  performance and ultimately help you preserve a
  good credit rating which is our ultimate  GOAL at
  Credit 720.

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Is There A Need To File For Personal Bankruptcy
When My Business Closes?

• Nowadays, the only reason numerous businesses are
  shutting down is this universal situation,
  popularly called COVID-19, which has ruined
  folks lives and successful businesses. This
  pandemic has taken a toll on the business
  industry. For masses who were dependent on
  businesses, they have no other resort but to
  neglect and shut down without any help from
  different debt management services.
• As the business owners need to pay back to their
  creditors, you might need to apply for a personal
  bankruptcy case, and it depends on what type of
  business you own or whether you have limited
  liability or unlimited.

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Is There A Need To File For Personal Bankruptcy
When My Business Closes?

• Sole proprietorship or unlimited partnership
• A proprietor is the only one who manages all the
  operations of the business and shares all profits
  and losses on his own as he has unlimited
  liability. It means that if the entrepreneur
  faces any losses due to debts or issues of
  business, his personal assets will be utilized to
  pay off all the creditors. Similarly, the
  partnership also has unlimited liability, and
  lenders will pursue every single partners
  personal assets to secure their money.
• If business creditors get into your personal
  assets, then you need to register for Personal
  Bankruptcy Surrey to diminish that debt in the
  case of sole proprietor and partnership. 

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Is There A Need To File For Personal Bankruptcy
When My Business Closes?

• Company
• As a company has limited liability, which means
  they have a distinct entity from its name. When
  you apply for bankruptcy, the bank or lender will
  definitely take all your business assets to
  settle all the secured creditors debt amount. To
  apply for bankruptcy, you need about 20,000 to
  pay your Licensed Insolvency Trustee (LIT) and a
  bankruptcy lawyer.
• Well, if you are lucky and smart enough that you
  didnt link any assets with your company, then
  you can back off from paying any debt amount to
  the creditors.

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Is There A Need To File For Personal Bankruptcy
When My Business Closes?

• Personal guarantee
• The name says it all if you have guaranteed a
  person to pay the debts from their personal
  assets, then you have to ask them to pay them.
  There are some legal acts that make the directors
  responsible for paying all the money, such as
  unrelieved GST, HST under the Federal Excise act,
  and daily wages under provincial Employment
  Standard acts.
• Are you looking for filing personal bankruptcy in
  Surrey or simple debt management services to make
  Interest free Payments, Credit720 is your
  financial partner to aid you in all your debt
  management situations.

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Contact Us
Surrey Unit 456, 2153 Central City 10153 King
George Blvd Surrey, BC, Canada V3T 2W1 (Inside
Central City Mall, across Burger
King) Telephone [phone]
Fax [phone] Email info_at_debtconsolidatio
nbc.com Website www.debtconsolidationbc.com