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| T O P I C R E V I E W |
| drummerboy |
Posted - 01 April 2008 : 22:39:06
I run a small plumbing business (sole trader,)my wife and I seperated 3 years ago, leaving me with no home and a business that was failing due to my home phone number being my business line and my wife not passing on calls.
I have debts of £24,000 and a monthly income that varies between £1000 and £1500.
I live in rented accomodation, credit card debts, inland revenue debts, debts to business creditors. My car was stolen in September, owed £8000 to the finance company, recieved the insurance company cheque and spent half of it paying bills and other debts.
I have paid £4000 to the finance company leaving a balance of £4000 to be paid off monthly.
I am struggling to keep afloat and need some solid advice.
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| 3 L A T E S T R E P L I E S (Newest First) |
| melanie_giles |
Posted - 02 April 2008 : 09:10:47
If you are not trading profitably, then it may be time to think about a change of career or look for a more permanent PAYE based position. In which case bankruptcy proceedings are unlikely to be of too much concern. |
| drummerboy |
Posted - 02 April 2008 : 09:08:09
Thankyou for the advice Melanie,however work is still scarce showing little sign of picking up. I am being threatened by my creditors with court action.
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| melanie_giles |
Posted - 01 April 2008 : 23:30:43
Hi drummerboy and welcome to the forum
You have had some bad luck, but if you have turned that around and are now picking up regular trade it might be possible to offer a settlement to creditors rather than declaring yourself bankrupt - which might affect your ability to trade.
Hypothetically, having firstly provided for income tax on your earnings, how much do you feel you could afford (if any) to offer to your creditors each month after taking account of household and personal expenditure?
It may be appropriate to take advice with regard to your situation from an insolvency practitioner, who can advise you on the advantages, disadvantages and implications of all options to enable you to make a reasoned choice as to the way forward. |
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