What will happen if our business fails and Can't able to pay back to bank?

[CanadaPR2015]

Hello all,

Just thought of fining opportunities to start a business.

Does anyone know that what will happen if I our business fails and we can't able to repay the loan amount to Bank?

Thanks.

 

[newtone]

Then the following will happen to you

Creditors will harass you
This mark will remain in your credit history for 7 years
You will not get a loan form any bank nor financial institution
You will not be able to buy a house
You will not be able to buy a car
If you declare bankruptcy you will not be able to sponsor anyone

 

[CanadaPR2015]

Thanks Newton.