|
|
 |
 |
FORUM |
|
> Browse and post on our forum |
|
|
|
 |
|
 |
|
Note: You must be registered in order to post a reply.
To register, click here. Registration is FREE!
|
| T O P I C R E V I E W |
| Rags |
Posted - 20 May 2008 : 18:15:40
Hi..
I sent a message, but i'm not sure if it went thorugh.. so i'll post one here also.
Basically, I've had a messy divorce, and been fleeced by my ex-wife.
Now I have legal bills, from her side, that I cant afford to pay. I'm also expected to pay maintenance (there are'nt even any children involved) and a lump sum that I cant afford to give her.
I' considering bankruptcy.
I am partnered in a modest business.
What would I have to do about the business to go bankrupt?
And also.. wat happens about the maintenance? do i have to pay it all back once I'm back on my feet?
Many thanks, R Smith |
| 14 L A T E S T R E P L I E S (Newest First) |
| melanie_giles |
Posted - 22 May 2008 : 23:56:01
Rags
It is very difficult to advise on a forum like this where you don't have full sight of the facts or even the opportunity to have a two way conversation. The bankruptcy assistance experts who post on the site would, I am sure, be able to chat to you - but at the end of the day your issue is with matrimonial law rather than insolvency - so you need an expert in that field and preferably a solicitor who can advise you what is best to do.
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 |
| Rags |
Posted - 22 May 2008 : 22:48:22
I sent them a mail, but they havnt got back to me yet...
I also tried here hehe, and youve been helpfull.. is there any further advice you could give please?
I dont want them saying I have more money than i actually do, and start takeing my partners buisiness away, if its got nothing to do with me anymore .. because i'm concerned after what happened in court, they might try it here. |
| melanie_giles |
Posted - 22 May 2008 : 22:20:40
This sadly happens in so many cases. Have you tried the CAB?
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 |
| Rags |
Posted - 22 May 2008 : 22:19:21
basically, the solicitor i was using was deemed 'to expensive' and i wsnt allowed to use him, because it would have eaten into the assets that the ex-wife wanted...
So I went to court with some freinds help.. but because we were late submitting some kind of paper or another.. we werent even allowed to state our side.... and I got fleeced...
Now I cant afford a solicitor. |
| melanie_giles |
Posted - 22 May 2008 : 22:09:12
I often see bad judgements in matrimonial settlements, where no regard is made of the male partner's financial situation or indebtedness. What does your own solicitor have to say about this?
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 |
| Rags |
Posted - 22 May 2008 : 20:39:16
Hi
Ok Ive got together with my partner, and yes, it seems my share in the business has all but dissolved.
The fear I have thought is this:
During the court settlement of my divorce, the judge said he suspected I had more money than I was letting on, so he decided to make his descision on the settlement on that basis. So I am expected to pay sums of money that I don't even have.
I was wondering if when business is scrutinized, If again they will accuse me of trying to hide money, or tell me that I have more money in the business than I'm letting on.
Last time the judge went and made his descision on hearsay and not proof, whats to stop him doing it again?
How can I avoid a situation like that?
and to answer your question, Yes i'd still be able to work for the company once I was no longer a Partner.
Many Thanks |
| Helpful Advice |
Posted - 20 May 2008 : 22:29:10
Hi Rags,
Yes as the business still exists as a Partnership then it will certainly be classes as an asset in the Bankruptcy.
Have you discussed any of this with your Business Partner?
May I suggest you get the business professionally valued to see what your share in the business is worth, you can then take off what you have already taken from the business in the way of lump sums and see if there is an outstanding balance owed to you.
You can then follow the correct legal path in having the partnership dissolved so that your business partner can trade as either a sole trader or incorporate the company.
Will you be able to remain as an employee in the business if you were to go down this road?
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
| Rags |
Posted - 20 May 2008 : 20:41:13
sorry! im a bit flustered with all this.
Basicaly, Ive been paying the ex-wifes morgage areers ect, with lumps from my half of the business.
So now i'm pretty much written out of the business anyway. I was just wary that just because the buisiness still exists, would it be classed as an asset? even though its my partners property now, and my share has dissolved.? |
| melanie_giles |
Posted - 20 May 2008 : 20:10:27
Not sure I understand those questions Rags! Can you elaborate a little please.
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 |
| Rags |
Posted - 20 May 2008 : 20:09:16
Oh, ok thanks.
But I guess the difficult part is having the bankruptcy descision being made in the first place. So would there be anyway to qualify for bankruptcy with that in mind?
Or would the fact of being part owner of a business exclude me from qualifying?
|
| melanie_giles |
Posted - 20 May 2008 : 20:01:37
If you fail to honour your commitments under a matrimonial order you will be in contempt of court and could go to prison, however this would be exremely severe and what is more likely is that your wife would pursue you personally - attachment of earnings for instance.
The Trustee in bankruptcy is the person appointed to realise your assets and pay off your creditors once a bankruptcy order has been made.
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 |
| Rags |
Posted - 20 May 2008 : 19:31:35
Thanks Bluesusie.
Hi Melanie.
I'm unable to afford to pay the lump sum, because, the court decided I had more money than I actually have. They said I was hiding some away, So they demanded a figure, that I actually dont have.
Maintenace is set at £250 a week, and She is allready claming benefits of that amount, getting more money a week than many earn. So £250 a week is hard for me to pay, also, she basically doesnt deserve it and doesnt need it. To be blunt, and its probably not your concern, but She's an alcoholic fraud.
I'm not very clued up, I don't really know wat a trusteeis, can u explain?
The thing is, I do have some money in the business.. but I need to live, shes doesnt need to bleed me dry, So how can I go about bankrutpcy with that in mind?
p.s.. If I outright don't pay her a thing, will I go prison? to be blunt.
Many Thanks R Smith |
| melanie_giles |
Posted - 20 May 2008 : 19:16:06
Hi Rags and welcome to the forum
Bankruptcy will normally serve to dissolve the partnership, but this does not stop your other partners from continuing in the business albeit they will need to buy out your share from the Trustee.
And depending upon the type of matrimonial order you have, this is very likely to survive the bankruptcy so there is no way to avoid it. Why are you unable to afford to pay the lump sum and contributions?
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 |
| debtfreesusie67 |
Posted - 20 May 2008 : 19:11:44
Hey Rags welcome to the forum. I can't goive you any advice I'm sorry but I'm sure one the experts will be around shortly
Sue |
|
|
| bankruptcyhelp.org.uk Forum |
© bankruptcyhelp |
 |
|
|
|
|
 |
|
|
|
|
|
