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| jo1000 |
Posted - 26 April 2008 : 22:07:51
Hi there,
We need urgent help please!!!!!
We are family of four,2 kids, husband n myself. My husband runs a leasehold (13 yrs )restaurant in partnership for which we pay £7000 rent every quarter. Restaurant debts are going out of control £65,000 (breakdown 30,000 VAT +PAYE 10000+ 12,000 electricity bill + bank overdraft n suppliers)
our personal debts( 90% on his names) are £35,000(10,000 loan+credit card). we have a joint mortgage of £98,000 on ex council flat which is roughly worth £150,000.Till now mortgage payments are up-to-date.
I work part time n currently on maternity leave. My net salary is £1120pcm .for fast 4 months husband could hardly takeout money as business is so bad. Yesterday he had applied for Job seeker allowance .we get Child tax credit n working tax credit.
We are so stressed because of debt our relationship is also suffering. We are thinking to bankrupt husband ......i understand that our flat can be taken away.
is there any way we can still save the flat as its in both of us name? Please advice what to do?
Many Thanks
Jo
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| 3 L A T E S T R E P L I E S (Newest First) |
| melanie_giles |
Posted - 27 April 2008 : 13:23:16
There is no harm in trying to come to an agreement with HMRC of bankruptcy proceedings, but you will probably need to deal with the specialist Enforcement Office at Worthing.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
| jo1000 |
Posted - 27 April 2008 : 12:29:07
Thanks for replying !!!
Restaurant is already up in the market for sale for one and a half year still no interested parties yet.
I have some questions please:
If we don’t opt for bankruptcy -is there any way we can still negotiate VAT payment and PAYE payment with HMRC (voluntary agreement). In case of bankruptcy can they be written -off completely.
I understand in case of bankruptcy i will be able to buy beneficiary interest of the flat if we want to keep it . How to calculate that? can we know in advance the value and what arrangements can be made to pay them off? as we don’t have any kind of money or credit.
Thanks
Jo
jyoti |
| melanie_giles |
Posted - 27 April 2008 : 00:06:10
Hi Jo and welcome to the forum
The first thing to do here is to take a deep breath and appraise your situation - before panicking into doing something which is not the best route in the long term.
Is the business currently being marketed, and if not is it still trading or in the process of being closed down? It might be worth seeing if a business selling agent is interested in marketing it.
You are correct in thinking that your home is at risk under bankruptcy proceedings, and it would probably be better to sit tight to see if your husband can get a job before doing anything. I recommend that you write to all of your creditors explaining your currentr situation, and ask for a temporary payment holiday until things are a little clearer.
It might also be sensible to consult an insolvency practitioner to discuss your options more fully than can be explained on a public forum.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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