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| remedy234 |
Posted - 23 February 2011 : 13:32:02
Hi, i hope this hasnt been asked many times, ive done a quick search but couldnt find what i needed.
Me and my wife are looking to go bankrupt, We have now seperated 10 months ago and owe approx £65k some joint, some in just her name. Im sorry but ive a few questions...
How will the joint ones be dealt with?
Im a self employed sole trader, using a company name, what will happen regarding this, do i need to sieze trading under this name?
Am i better setting up another bank account to have my cheques paid into before i declare myself Bankrupt or does this have to be done after?
Being self employed i cant guarentee how much i earn per month in the future, my past few years accounts show an earning of approx £45k on average but i dont know if it will be that this year, are they likely to accept my application? |
| 4 L A T E S T R E P L I E S (Newest First) |
| Richard P |
Posted - 23 February 2011 : 22:54:21
Hi Remedy
Having only the information listed above
if your income is variable and alas decreasing unless this is a temporary blip, you may find it difficult to maintain an IVA
with BR depends on your income and expenditure, you have declared a good income and it is likely that you will get an IPA.
Their are other variables to consider, i would suggest speaking to an experts directly, who can then review he whole sitiuation and offer best advice.
Richard |
| remedy234 |
Posted - 23 February 2011 : 16:14:30
Thanks for your swift replies guys. Im trying to to decide if bankruptcy or IVA is the way forward |
| Bigal4787 |
Posted - 23 February 2011 : 15:44:19
Hi Remedy 234, and welcome to the forum.
Good advice from Richard, if you're both going bankrupt and some liabilities are in joint names, then you both put that creditor on your liabilities. As for the bank account, open one as Richard suggests well before bankruptcy.
You're a sole trader using a company name? do you mean you're a sole trader, trading under the style of.......( e.g. joe bloggs plumbing?) if you are just a sole trader, then you have to continue to trade under the trading name you were declared bankrupt under, as its one of the restrictions in bankruptcy, so you must comply with it, otherwise you'll be comitting a criminal offence.
With sole traders, I used to get them to submit monthly income, expenditure, turnover etc over 6 months to establish monthly income, if there is no standard monthly income, and an IPA was a possibility, then there are several options, for sole traders such as variable agreements, quarterly, 6 monthly etc, but there again, once running costs, and other expenditure are taken into account you may not have an IPA, good luck.
Big Al
Insolvency examiner with the Insolvency service from April 2008 - July 2010.
If you need help completing SOA's(statement of affairs) or PIQ's(preliminary information questionnaire) if you've been declared bankrupt, or anything else and you're within 30 miles or so of Warrington, then please contact me via my contact details in the expert page for futher details"
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| Richard P |
Posted - 23 February 2011 : 14:27:04
Hi Remedy234
the joint debts will revert the whole amount to other party.
(after post edit .... if you go BR at same time no prob each list full amount of loan on statement of affairs)
if planned correct you will be able to continue to trade
Coop bank account highly recomend opening 6 weeks before BR.
yes but your income and expenditure will have to looked at carefully
timing is important, it might be worth seeing if one of the experts will come and do home visit or spend time on the telephone to help you plan the process.
good luck Richard |
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