43 - Business vs Personal Bankruptcy: What Is the Difference?

It can be hard sometimes to try to figure out financially where your company ends and where you, as a person, begins. This is especially true when personal and business debts and assets have become entwined. If a business is not a corporation, then there’s not much difference between personal Bankruptcy and that of a small business. This podcast takes a look at the differences between business Bankruptcy and personal Bankruptcy. Licensed Insolvency Trustee, Derek Chase, talks about the similarities and how they differ. This is a must listen if you are experiencing unmanageable debt in your business or personal life.

Derek also covers:

• Who to talk to first for advice about your business debt
• If a business has to close after filing for Bankruptcy
• What happens if the business has a personal guarantor or a co-signer
• What is the role of a Receiver and when in one appointed
• When does the court system need to get involved

Licensed Insolvency Trustees are federally regulated and approved by the Canadian government. With their extensive knowledge of financial services, they will give you honest advice about whether Bankruptcy is your best option.

Derek Chase is a Licensed Insolvency Trustee in British Columbia. He has been helping individuals and corporations restructure their debt since 1997. His areas of practice include personal and corporate insolvency including Consumer Proposals and Bankruptcy. The best part of his work is to be able to witness lives change for the better when the heavy burden of unmanageable debt is lifted. 

• Derek L Chase & Associates Ltd. Licensed Insolvency Trustee
• Personal Bankruptcy Facts: How to Declare Bankruptcy
• Wage Earner Protection Program: Help for Employees During Bankruptcy