Debt, Bankruptcy, & Consumer Proposals

Discussion Categories => Considering Bankruptcy => Topic started by: catgirlinc on January 08, 2018, 11:15:30 PM

Title: Business failure
Post by: catgirlinc on January 08, 2018, 11:15:30 PM
Im considering bankruptcy, closing my business that has been struggling to make ends meet. I have so many concerns, As I know I am personally liable for the GST and Source deductions. I do have a payment plan started with the CRA and they have no frozen any of my bank accounts yet, however I did fail to remit payroll deductions, I was using them to stay afloat. Very stupid on my part, I know :(

Anyways, we have a Payroll audit this week and i am so worried that the CRA won't negotiate a payment plan. I know personal bankruptcy will rid all of these debts - However, I am worried that they will see how much I owe and instantly place a lien on my home. I should mention that I have 2000$ in Equity in my home. All my research says that a lien is a last resort used by the CRA when they've been ignored by previous attempts to collect.

anyone have experience with this? Do you think they would freeze my accounts before registering a lien on my property or do you think they would go straight for my Jointly owned property?

 I have calculated with interest and late charges that I owe $28,000.

I am so stressed
Title: Re: Business failure
Post by: Jennykk on January 11, 2018, 11:34:23 PM
Please see a trustee as soon as possible. They are in a better position to assess your situation. Hang in there.
Title: Re: Business failure
Post by: Broken_wallet on January 19, 2018, 03:52:38 PM
Every experience I've had directly with a trustee has seemed like they're out for a higher profit at your expense (my bankruptcy was a sham - they raked me over the coals on it. I was young and stupid, but scared of my debt at the time), and they want your creditors to recover as much income as possible. I respect what they're doing, but I found a debt help type place to be a lot better. The credit counselling society had me file a CP for 1/3 what the trustee thought I should be paying, I was so happy. A bankruptcy won't be much different, and if they can find you an option outside of that, they will.