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| T O P I C R E V I E W |
| fmp |
Posted - 06 December 2008 : 18:13:33
Any help with this appreciated.
My cash-flow has dropped considerably with the recession to the point where I can no-longer service my debts of around £20,000 (small by some comparisons I know..)
Morally I have no problem with bankruptcy if it can get me out of the state I am in. The problem is that I am a sole-trader, a photographer and need to make sure I can continue to make money from my images. If I lose control of them I can't make money. Likewise with my camera etc
Does anyone know what would happen in the event of bankruptcy?
Thanks in advance for any info.
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| 3 L A T E S T R E P L I E S (Newest First) |
| Trolly-Dolly |
Posted - 06 December 2008 : 22:51:04
Yes I opened the Co-Op account too, but Llyods said we could stay if we wanted to.
You can read my blog here;
http://drowningmummy.blogs.iva.co.uk/ |
| Snow Dog |
Posted - 06 December 2008 : 19:48:17
Hi fmp, as Mark said, you should be able to carry on trading, this is your livlihood. My hubby is a taxi driver (self-emloyed) and he has been allowed to keep trading and also to keep the car which is on finance, since the BR. As for a bank account, the day we went BR, immediately after the court hearing, we went to the Co-op bank, told them that we had just gone BR and opened a new bank account there and then for my hubbys wages. Its only a basic account, but you do get a debit card and can use it for Direct debits etc. Its called the Co-op Cashminder Account. I have to tell you also that our normal banks, Barclays and LLoyds TSB, have also sent us letters since the BR saying that we can still have accounts with them if we wanted to.
Hope that helps a little. |
| Needafriend |
Posted - 06 December 2008 : 18:41:20
Hi FMP and welcome
I am not too sure on that side of things with you being a sole trader etc so i am gonna leave this one up to one of our other experts as they have a little more knowledge than i do.
Hang on in there, you know if you have anymore questions do post them and we will help where we can.
Best of luck
Jo
x
17 Weeks down 
35 to go 
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
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