Who Qualifies for Bankruptcy?
To qualify for bankruptcy you need to reside or carry on business in Canada and have liabilities of at least $1,000 or more above the total amount of your assets and;
- Be unable to meet their obligations as they generally become due; or
- Have ceased making payment obligations in the ordinary course of business, as they generally become due; or
- The total of all personal property sold at fair market value, would not be sufficient to pay all debts;
It should be noted that just because a person or business meets the above technical requirements to file for bankruptcy, it does not mean bankruptcy is your best or only alternative.
To discuss your alternatives please call Allan Marshall & Associates Inc. for a free consultation.
Photo by Andrew Worley on Unsplash
