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Alger Bankruptcy Services

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Okay ... my husband and I went bankrupt approximately 15 years ago and we had a sole proprieter business that went under at that time. Now we have an incoproated business with about 50,000 in CRA tax debt owing and after I file this years taxes there will probably be an additional 15-18000 owing (between taxes, alberta tax and gst and about 1000 more to our accountant) We have approx. 7250 in credit card debt and owe 2300 in cra income tax personally and 300 to our accountant. We also owe 2250 (was due june 2013)in property taxes. Our utilities, mortgage etc. are up to date as of last month. but we are also personally liable for about 40,000 of the original corporate tax debt as our business was set up to give us dividends instead of regular paychecks/income and because of this CRA came after us personally and now has a lien against our home for that amount. We also are now getting regular income from our business as they were no longer allowed to do the dividends due to our tax debt. (since putting the lien on our home they haven't called nearly as much or asked my husband to keep up on payments that had originally been arranged) |I also believe that we owe our business money as some of the money we used our accountant listed as 'shareholder draws?' which we are eventually liable to pay back to our business. We do have all the books for each year we have been running. I could find out the amount we owe. So...any help, advice would be appreciated. I told my husband it would be better to know our options or lack there of. personal bankruptcy and corporate, only personal, only corporate...consumer proposal...jail? Just want to know the options!!!! On top of that my husband forgot to file his business at the registry for the past two years and we just received a 'certificate' that our business was dissolved. What do we do? Should we declare bankruptcy again, our mortgage will be up for renewal in 4 years and we have most likely next to nothing in equity in it (we have owned for 6 years now--we owe 240,000 approx. and the property tax assessment listed it at 265,000 (and it is in mid renovation stage which may lower that assessment if we had to sell now) We do not know what to do, my husband desperately does not want to go bankrupt. We are not good at running our own business even though this time we at least hired an accountant to do our year ends etc. we didnt' pay taxes so his hard work helping us get tax breaks etc ended up being not beneficial really. he tried to help us! but my husband is amazing at the work he does (he builds grain bins in summer and does finishing work etc. in winter months--the bin building is the majority of his income even though it is seasonal) Should he try to get his business 'undissolved' he doesn't even know how to do that... :( We have no savings, no investments, we own 3 older vehicles, one for work, one mini van and a car his mom gave us when she moved into a seniors home. Can't believe we are here again, obviously we are not yet aware how to live fully within our means :( Oh...we have 5 kids, no real assets (an older fifth wheel in state of renovation) 2 dogs, some bunnies, not many assets (just regular clothing, furnishings--oh my husband has 2 older motorbikes, one working one not), we homeschool and just had our 'surprise' fifth child 6 weeks ago. But my husband just had a vasectomy yesterday so we won't be adding to our team any longer! :) sorry for the rambling disorganized note. or rather essay...maybe I should call it a novella? Hope you can help. You did last time, yet here we are again...sorry :(



Grant Thornton Limited



Jan 18, 2014



Sara Thanks for connecting with me. Options. All except "jail" are options, but based on the scenario you have detailed, it appears Personal bankruptcy may be required. Corporate bankruptcy would only be relevant if there were assets in the corporation to distribute to creditors. You might want to consider running a sole proprietorship if you declare bankruptcy. I think reading the balance of your email that you should come in and see me and we will go through the options. I can explain the Consumer Proposal option also. Let me know when you can come in, there is no charge for the consultation. I'm sure I can help in some way. Marie Kozlowski 403 296 3082/403 909 9572

Marie Kozlowski
T 403-296-3082


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