Need advice for small business Canada

[byrequest]

First I have a small store selling children's wear, I have been in business 17 years, I went from 4 stores to now 1. I owe money to suppliers but dont owe the bank. I have a line of credit attached to the business account that is not in use for $60,000. Secured by me personally. If i use this I will have no way of repaying it. The company is incorperated. Can suppliers have access to the line of credit? I would like to walk away and give the Landlord his keys.
If I use the line of credit it is not enough to pay my debts so I'm gone any way. I was told that suppliers can not do much if a company has no money.

Any advice. I'm also a single Mom and do not want any additional debts.

[AngelinaCatHub]

I don't know too much about Canada law, but I doubt they can attach a credit account. Leaving the business as solvent or equal instead in the red would be good in my opinion. I would close that line of credit as a zero balance now just for peace of mind. 'Hub

[lrprn]

byrequest, this forum deals with bankruptcy in the United States. Canada has a completely different bankruptcy system of laws, so I regret to say our members won't be able to help with your specific questions

However, here are a few Canadian bankruptcy websites that you may find helpful:

http://sbinfocanada.about.com/od/bankruptcyincanada/Bankruptcy_in_Canada.htm

http://en.wikipedia.org/wiki/Bankruptcy_in_Canada

http://www.bankruptcy-canada.ca/

http://www.bankruptcycanada.com/

No matter where you live, it's time for you to set up initial consultations with 3-4 Canadian bankruptcy lawyers in your local area. Especially with a business involved, you need reliable legal advice before doing anything that accidentally might hurt your case.

Good luck! I hope you find the answers you need quickly.