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| chuckj |
Posted - 06 June 2010 : 17:03:12
Hi there,
I am looking at bankruptcy as a solution to my debt problem that is causing me serious stress.
My situation is as follows:
1) I am self employed and the director of a limited company - I do have somebody I can appoint as a new director if is resign.
2) I work in IT contracting, in the last two years things have gone bad and my company turnover has been around £11000 not leaving me much money to pay debts.
3) I am on a debt management plan and paying £664 per month to a list of 6 creditors for loans and credit cards with £21000 remaining.
4) I am working at the moment on a contract for 2 and a half months and it brings in £110 per day.
5) In December my wife got a mortgage and put £50,000 into buying a house that we both now live in. I have not paid anything towards this since we moved.
6) I have a few assets ( a couple of musical instruments worth around £300 each, a personal computer worth around £250 and a car worth around £1000).
I am struggling keep up with £664 per month and I have no idea where my next IT contract is coming from. I owe £750 to my accountant and £350 in tax, these are my first priorities at the moment. I don't want my wife to be affected by my debts (all debts are in my name) I am not on the deeds for the property or the mortgage.
I want to go bankrupt, is this a viable option?
Your help would be really appreciated.
Thanks. |
| 4 L A T E S T R E P L I E S (Newest First) |
| Richard P |
Posted - 07 June 2010 : 12:09:35
Hi ChuckJ
yes in your situation, you could petition fro bankruptcy
If the DMP is not affordable get back and negotiate an appropriate figure
with the business, home and keeping your wife out of the bankruptcy it should not be a problem but i would suggest speaking to an expert to make certain that you get all of your plans in the correct order.
The experts are listed to the left speak to any of them I would recomend Paul and his team at reviva
regards Richard |
| debtinfo |
Posted - 06 June 2010 : 19:19:29
The only qualification as it where for bankruptcy is
are you unable to pay all of your debts (the full required payment under the original contract) as they fall due out of your normal income and without the further use of nay credit.
If you can answer yes to that question then you can go bankrupt |
| chuckj |
Posted - 06 June 2010 : 18:44:01
Thanks for your quick reply,
I intend to close the business down after assigning the new director. It is just to enable me to enter into bankruptcy.
Last two years I have earned around 500 pounds per month, will the judge look at this as proof of my current income or will he look at what I get paid daily?
When I close the company down I will operate as a sole trader and maybe under umbrella company if necessary.
What I really need to know is: Will I qualify, or do I stand a good chance of qualifying for bankruptcy?
I don't have lots of money to put into it if I will not pass I don't want to waste the cash!
Although at this time it seems like its my only option.
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| debtinfo |
Posted - 06 June 2010 : 17:21:01
It is viable, whether it is the best choice is something that you have to decide yourself, make sure you know all theoptions and all the implecations of the options before you make a choice.
on the company, is the person willing capable and able to do all the jobs of the director. The rules do not just say that you cannot be a director but that yoy cannot be involved in the promotion formation or mamagement of any limited company |
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