145 - How Bankruptcy Works for Individuals vs Businesses in Canada

Thousands of Canadian businesses exit the marketplace every year whether through filing Bankruptcy or just closing their doors. Many more are on a razor’s edge with the rising cost of servicing their debt due to higher interest rates. Today’s podcast looks at the cost of putting a business through Bankruptcy and other options that may be available. Licensed Insolvency Trustee, Mary-Ann Marriott also discusses how individual Bankruptcy differs from business Bankruptcy. Other topics covered: 1. When filing for Bankruptcy is the best option 2. Difference between filing as a sole proprietor vs an incorporated business 3. Number one mistake businesses make when in financial trouble 4. Process involved in filing a Business Bankruptcy 5. What happens when business loans are personally guaranteed 6. How to protect yourself when starting out Federally regulated, Licensed Insolvency Trustees are knowledgeable in all aspects of debt management. If you are considering filing for Bankruptcy, either personal or business, you can be assured they will have your best interest in mind. About Mary-Ann Marriott Mary-Ann Marriott has been working in the insolvency field for over 25 years. She received her Chartered Insolvency & Restructuring Professional designation in 2005 and her Licensed Insolvency Trustee license in 2014. Mary-Ann is passionate about helping people become financially literate. She feels honoured to be able to help individuals discover solutions to overwhelming situations and find peace-of-mind in their lives. Additional Resources Allan Marshall & Associates Licensed Insolvency Trustee: https://wecanhelp.ca/ Are You a Small Business Owner? What You Need to Know About Business Bankruptcy and Other Options: https://wecanhelp.ca/are-you-a-small-... Canadian Business Bankruptcies Surge – Support Your Local Small Businesses: https://wecanhelp.ca/canadian-busines... Read the Transcript: https://debtmatters.ca/podcast/how-ba... Follow Debt Matters Website: https://debtmatters.ca/ Instagram:   / whendebtmatters   Facebook:   / whendebtmatters   LinkedIn:   / whendebtmatters   Twitter:   / whendebtmatters   Podcast Links Apple: https://podcasts.apple.com/us/podcast... Spotify: https://open.spotify.com/show/5JbXGbl... Google: https://podcasts.google.com/feed/aHR0... Pocketcasts: https://pca.st/x2oxefik