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debtrider
Junior Member
494 Posts |
 Posted - 06 June 2008 : 10:28:35
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Can I sill be self employed when bankrupt.
I am an entertainer and this is my only form of paid employment, will I still be able to operate by business in the same way. The nature of my business means that I do not require credit of any sort to operate. Will I still be allowed business expenses such as car, telephone and advertising. You do need to advertise to run a business so will I be allowed to do this.
My business is making a profit most of my debt as come from personnel expenditure.
Debtrider |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 06 June 2008 : 12:21:50
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Hi Debtrider,
You will be able to continue your business on a self-employed basis whilst BR. Given the nature of your expenditure, I would suggest you seek guidance from a bankruptcy specialist firm to make sure your SOA is presented correctly and your business preserved. I would recommend Brett England of England, Jackman & Spacey who has extensive experience in these matters (his website details are on his profile on the experts page).
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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debtrider
Junior Member
494 Posts |
Posted - 06 June 2008 : 12:54:25
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Thank you for that Julian.
I also have a car on a fixed sum loan. this car as been well maintained and I am keen to keep it. I need a reliable car to get around for my business. If my car is worth a little more than allowed in bankrupcty could someone pay the difference so I can keep it.eg: £2500 allowed for car in bankruptcy and car worth £3000, could some pay £500 difference so I can keep it.
debtrider |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 06 June 2008 : 13:29:57
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Hi Debtrider,
Is the car on HP or a personal loan? what are the monthly payments? As far as the value is concerned, check out autotrader (or equivalent) to find out a value. I suggest the cheapest one you can find will be what you can claim yours is worth.
It is unlikely that OR will make an arrangement like this, but it may not be necessary anyway.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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debtrider
Junior Member
494 Posts |
Posted - 06 June 2008 : 13:50:57
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Let's say my car is a loan which I assume it is and the car is worth £3000. My car is an estate car which I need for business and as I said it has been well maintained with only one previous owner. What is the point of selling it to go out and buy another car for £2500, not knowing the history of it, then it breaks down and needs repairs costing maybe another £500 during the next 6 months.Surely this is a false economy. Also if someone can buy the beneficial interest in you home when bankrupt then surely the same should apply to a car especially if there is only £500 diffenrence.
Debtrider |
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m and v
Average Member
United Kingdom
760 Posts |
Posted - 06 June 2008 : 14:04:57
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Hi debtrider
Have a look on auto trader or at parkers online - you may find the value is lower than you think and then you won't have the hassle of this with the OR.
I have just had a letter from the OR confirming they have no interest in my car, its lowest value was £1800 (which is what I put on the SOA form) - its highest value nearer £4000, so it it worth checking its value again to keep it in your hands!
Vicki x |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 06 June 2008 : 14:06:24
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Hi Debtrider,
All I can suggest it negotiating with the OR. It would seem a sensible decision to allow you to keep it, but the final decision is with the OR. With the "sweetner" of someone else offering the £500 balance, it would seem madness to force you to get rid of it!
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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Topic |
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Self Employment
