• consumer proposal,  personal bankruptcy,  personal finance

    Creditor Proofing Tips for Business Owners

    The failure of a prospective business owner to employ creditor proofing techniques before starting a business is a frequent cause of personal financial difficulties due to the failure of a business and the attendant business-related liabilities personally owed by the company owner. These individuals must often file for personal bankruptcy or make a consumer proposal to their creditors as result of business-related debts. Debtors completing their bankruptcy/ proposal often wish to start up another business sometime in the near future. The expected question then arises: how can they creditor-proof themselves in the event that their new business fails? Here are some ideas: Creditor proofing techniques 1. Consider incorporating the business.…