0041 - Debt Related Queston: Bankruptcy Question # 0041

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QUESTION #0041:

I am self-employed and I am using my personal credit line to keep up with payments to creditors for my business debt. I do not want to go bankrupt or close my business. What can I do?



ANSWER:

Businesses and their managers are being put to the test like never before. Shifting markets, new technologies, shorter business cycles - all put new pressure on skills and resources. Even a well-managed business can find itself in crisis. As a licensed Trustee in Bankruptcy and Chartered Accountant, Colleen brings a pragmatic approach to dealing with the complex matters and finding the right solution for all parties. A review of your business will determine whether the company is viable in its present form, or could be viable through a re-organization. The report may include: Current evaluation of operations, Assessment of options, Recommendations of refinancing, closing unprofitable outlets, sale of redundant assets, and cash-flow forecasts/budgets. In some situations, a consumer proposal can be filed to settle outstanding business debts while continuing to operate your business.