I am a sole trader - i have one small shop in a new shopping centre, I am not making any wages, I am barely keeping my head above water, i do not owe any money to suppliers and luckly have been able to pay utilty bills etc.,
For the past 5 months my solicitor has been in contact with the property management team, to try to get them to surrender the lease (unfortunately signed for 14 years with get out clause) still 12 years to run.
The owner of the premises has been contacted by the property management team - but refuses to give a straight answer as to whether he will deal with this case.
I do not own a house, only a car and have worked for myself for 2 years with being paid - should I go bankrupt before the debt spirals.
Hi Jill - welcome to the forum. I have recently gone BR myself but don't have enough experience to answer your question fully. One of the BR experts will be along soon though so hang in there!
Does the property owner know that you are considering BR? It may be the one thing that changes his mind when he realises you have no assets or income as such. He could be leasing the unit to someone else and earning money.
You will get lots of good advice and support - this forum has been a lifeline to me. Take care
From your post, it seems the only debt you have is the lease. Is this correct?
BR would certainly discharge you from any liability in this respect, but I would suggest you attempt to resolve this amicably with the landlord/management company first. The "ace up your sleeve" is that you can say if they don't cooperate, you'll go BR and they'll get nothing. Be brave!
should I go bankrupt before the debt spirals
Posted - 01 June 2008 : 10:55:19
