Going Bankrupt

[sandsand01]

Hi there

 

Any advice would be appreciated.

 

My husband and I are both self employed, work really hard and tried different business ventures that have failed - we are on the right paths now tough we feel. With a new child and two others & 2 businesses, we have seen ourselves slip into debt with credit cards and bank loans to the value of £32,000 (£8000 is a car loan and £4000 is a business loan).

 

We rent out our house which we jointly own (on Interest only and we make a loss), and we rent ourselves in an area where there is more work for my husband.

 

We have joint bank accounts, joint mortgage but we have our own credit cards.

 

Can one or both of us go bankrupt? No idea where to go to for help to get all the details.

 

If I do, will I just clear MY credit cards and will it affect my husband? If we both do, will they shut down our sole trader businesses - work so hard and still up like this. I see all these people better off on benefits and it make me so cross.

 

Any help or direction would be appreciated

[maroondevo52]

Hello and Welcome,

 

I've moved this thread to the appropriate Forum where hopefully you'll get some advice.

 

Regards,

 

Scott.

[sandsand01]

Hello and Welcome,

 

I've moved this thread to the appropriate Forum where hopefully you'll get some advice.

 

Regards,

 

Scott.

 

Thankyou very much - how do I now found the thread I posted. Newbie I am afraid! Elaine

[maroondevo52]

Hi Elaine.

 

Your on it now, I'll send you a link by Private Message.

If you click on your username then 'Find all started Threads, this will also take you to it.

 

Regards,

 

Scott.

[Wintry]

Hi there

 

Any advice would be appreciated.

 

My husband and I are both self employed, work really hard and tried different business ventures that have failed - we are on the right paths now tough we feel. With a new child and two others & 2 businesses, we have seen ourselves slip into debt with credit cards and bank loans to the value of £32,000 (£8000 is a car loan and £4000 is a business loan).

 

We rent out our house which we jointly own (on Interest only and we make a loss), and we rent ourselves in an area where there is more work for my husband.

 

We have joint bank accounts, joint mortgage but we have our own credit cards.

 

Can one or both of us go bankrupt? No idea where to go to for help to get all the details.

 

If I do, will I just clear MY credit cards and will it affect my husband? If we both do, will they shut down our sole trader businesses - work so hard and still up like this. I see all these people better off on benefits and it make me so cross.

 

Any help or direction would be appreciated

 

Hi and welcome to the forum

 

Nobody could realistically or sensibly advise you on whether bankruptcy is appropriate or not given the limited information you have put so far.

 

There could be numerous issues & risks on the self employment front along with other things such as the rent (classed as rental income) from the jointly owned property.

 

It would be best that you gather all the information on your circumstances and debts etc and give Business Debtline a call they are usually very good on the self employed - there are other charities, agencies however and Insolvency Practitioners depending on your full circumstances and options

 

http://www.bdl.org.uk/

 

In the meantime it could be worthwhile you having a look at the links below as they may be useful in giving you some pointers

 

Insolvency Service main site -

 

http://www.bis.gov.uk/insolvency/personal-insolvency

 

I/S Tech Manual (income from self - employment, capital property - including rents, income to be considered) -

 

http://www.insolvencydirect.bis.gov.uk/freedomofinformation/technical/technicalmanual/Ch25-36/Chapter31/part7/part3/part_3.htm

 

http://www.insolvencydirect.bis.gov.uk/freedomofinformation/technical/technicalmanual/Ch25-36/Chapter31/part7/part3/part_3.htm#31.7.56

 

http://www.insolvencydirect.bis.gov.uk/freedomofinformation/technical/technicalmanual/Ch25-36/Chapter31/part7/part3/part_3.htm#31.7.33

 

I/S Tech Manual (bankrupts interest in the family home)

 

http://www.insolvencydirect.bis.gov.uk/freedomofinformation/technical/technicalmanual/Ch25-36/Chapter33/Introduction/Introduction.htm#$33345

 

I/S Tech Manual (Motor Vehicles) -

 

http://www.insolvencydirect.bis.gov.uk/freedomofinformation/technical/technicalmanual/Ch25-36/Chapter31/part2/31-2.htm

 

I/S Tech Manual (carrying on a business) -

 

http://www.insolvencydirect.bis.gov.uk/freedomofinformation/technical/technicalmanual/Ch61-72/Chapter62/chapter_62.htm

 

I/S Technical Manual (full) -

 

http://www.insolvencydirect.bis.gov.uk/freedomofinformation/technical/technicalmanual/default.htm

 

Like I say, it would not make any sense to try to tell you if you could go bankrupt or not on the information provided so far.

 

You really need to take full in depth advice on your options based on your full circumstances.

 

Just a guide from me, your decisions at the end of the day

 

Hope this is of some help at least and best wishes

Edited June 16, 2013 by Wintry