Filing for bankruptcy is never an easy decision. There are many important things to consider and whatever decision you make, you’ll have to live with both positive and negative consequences. Keep reading to learn more about corporate bankruptcy in Edmonton and whether or not it’s right for you.
How is Corporate Bankruptcy Different than Personal Bankruptcy?
When your business is incorporated, your business assets are considered separate from your personal assets. So, if your incorporated business is facing financial difficulty, you would need to file for a business bankruptcy. If you’re set up as a sole proprietorship, then you would simply file for personal bankruptcy because there is no separation between your personal assets and your business assets.
What Happens When You File for Corporate Bankruptcy?
You can expect both positive and negative outcomes when your business files for bankruptcy. Some of the negative outcomes you should be aware of are:
Getting the Help You Need
Seeking the guidance and expert advice of a licenced insolvency trustee is the first step in finding relief from the burden of your debts. For more information about filing for corporate bankruptcy in Edmonton, contact Fox-Miles & Associates Inc. today. Let us help you get back in the black. Call now for a free consultation.
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