Business failure

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catgirlinc

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Business failure
« 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

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Jennykk

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Re: Business failure
« Reply #1 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.

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Broken_wallet

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Re: Business failure
« Reply #2 on: Today at 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.
Debt Free!

 

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