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Myself and my husband have been struggling with large debts for 4 and 6 years respectively. I have managed to trawl through some and either get them written off or we are making token payments, some are still just floating about unresolved, he has however got 2 CCJs as well as problems with SLC but I am aware they are exempt from bankruptcy

 

He now has a permenent job and has spoken to me about going BK, now he asked if I wanted to do it with him, but I have my own business as a sole trader and reading piggy bankrupt site it states that my business would have to be closed?

 

If that is the case I cannot consider it as an option at the minute.

 

If my husband was to go BK on his own what consequences would that have on me? and how we run our finances ?

 

thanks in advance

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When BR you are able to run a business as a sole trader, however, you are unable to be a Director of a Ltd Company. However, the problemn here is that the assets of the current business are yours as you are a sole trader and therefore could be taken into account by the OR.

 

Does the business have any assets and if so what value are they?

 

Is the business profitable?

 

Do you won a property and if so is it a joint mortgage?

 

Do you hav any joint loans or credit cards that your husband is intending to include in his bankruptcy?

 

If you let us have some more information we will be able to advise more

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hi and thanks

 

nothing joint all debt were before we were married

 

business is profitable,no debts.

 

Im building up a good reputation and have put in a lot of hard work which is one reason why i dont want to loose it all. it does have some assets as in the equipment I use I would say totalling around £5000 if purchased new, current resale value I would say nearer £2500

 

we dont own a property we rent

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Myself and my husband have been struggling with large debts for 4 and 6 years respectively. I have managed to trawl through some and either get them written off or we are making token payments, some are still just floating about unresolved, he has however got 2 CCJs as well as problems with SLC but I am aware they are exempt from bankruptcy

 

He now has a permenent job and has spoken to me about going BK, now he asked if I wanted to do it with him, but I have my own business as a sole trader and reading piggy bankrupt site it states that my business would have to be closed?

 

If that is the case I cannot consider it as an option at the minute.

 

If my husband was to go BK on his own what consequences would that have on me? and how we run our finances ?

 

thanks in advance

 

Hi Summer, From what I have read so far you would need to provide much more information on both your circumstances (if possible) before anybody could sensibly advise / help you further on bankruptcy. For example, a breakdown of all your incomes & expenditure and actual debts (who owes what and who to), employment contract, tenancy details, type of business & sustainability, all assets, nature of the CCJs, when the student loan was taken out, any debts written off or recently paid, any recently disposed of assets etc.

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