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T O P I C R E V I E W
kellsy
Posted - 20 May 2009 : 12:22:06 Hi, i am a sole trader who has debts of approx £90k both for personal (credit cards) and business (credits cards and loans) and i have less income than outgoings i have a home in negative equity.
declaring myself bankrupt seems the most realistic option but i have machinary that is my fathers but do not have a written agreement what can i do to stop it from being taken away? and i also may have a job lined up but am worried as to how much the o.r will take from this wage.
2 L A T E S T R E P L I E S (Newest First)
Suzanne
Posted - 20 May 2009 : 13:28:18 Hi kellsy
As long as your father can evidence that he is the owner by way of a receipt etc then it should be OK.
The OR will only take between 50-70% of any surplus income after all you expenditure has been taken into consideration.
any contributions that may be required from your new salary will depend on your family make up (number of occupants in the household) their ages, essential expenditure requirements and the level of income. Once these are established the sum due per month (if any) can be determined from your disposable income. The contribution will be between 50% and 70% of that disposable income figure.
As for the machinery, who was it purchased from, how was it paid for (chq etc) from whose account, can the funds be seen to transfer from your fathers account to yours and then from yours to the seller?
A receipt isn't necessary if there is some other form of paper trail, through bank statements showing the transfer of funds, as above, for example.
