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maxpower
Starting Member
22 Posts |
 Posted - 12 March 2011 : 09:30:54
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Hello All...
I am one of those long time lurkers who has finally decided bankruptcy is the only option..
Short version of story: I started my online business 6 years ago, personally borrowing 80K to fund... I have been working my backside off since then trying to pay it back.. Sometimes working 3 jobs... But now I am throwing in the towel. The debt has practically ruined my relationship and now I have a one year old that is being affected by my stress... Okay so the 3 questions.. any help is greatly appreciated.
1. My business has now been transferred to someone else, it was a limited company.. How much information do I need to include on form 6.28 about this. Do I just say, yes I have been a director of a company in the past 5 years?
2. The flat I lived in is owned by my partner, although we went into the purchase together I could not get a mortgage in my name. He has essentially paid off his half of the mortgage, so I am making mortgage payments on my own (interest only). My name is not listed anywhere on the deeds or documentation for the mortgage. How do I list this in my outgoings in form 6.28?
3. I work (my partner lost his job 4 months ago but is living on his savings.. yes he knows how to save unlike me..) I have £243 taken out each month towards childcare to Eden.. how do I list my income and expenses for this? Do I list my salary before or after this deduction? If I list it after, do I just list the shortfall in my outgoings for the childcare?
I know its a lot to ask for a first time post... Any advice is appreciated.
Thank you all for what you have written and shared across the site.. it has helped me not to panic and not to pay an insolvency adviser £2K for their services.
many thanks.
Beth |
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debtinfo
forum expert
2826 Posts |
Posted - 12 March 2011 : 09:51:50
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1. did you transfer the shares and what was paid to him for them, also who was it tansfered to
2. you need to put all the househld income and all the household outcome down, is there any equity in the property
3. you put your take home income down and put a note in the back to say what is happening with the childcare, the OR may not allow the chidcare payments if one of you is not working |
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maxpower
Starting Member
22 Posts |
Posted - 12 March 2011 : 10:18:35
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Thank you debt info for answering.
1.The business is in £8K of debt and I was under the impression that the single share did not need to be sold, just transferred. This will happen in the next week or two. They are being transferred to my partner to run as a business.
2.There may be no equity, it hasn't been valued recently, if we go on purchase value 4 years ago, yes, there is about £40K.
3. Okay, that makes sense. My partner has been a carer for his mum (advanced dementia for the past 3 years, so childcare is still a must.
Thank you again.
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debtinfo
forum expert
2826 Posts |
Posted - 12 March 2011 : 10:49:03
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1. ok you can transfer it r it can be sold, what the OR will look at is if any asset is sold or transfered at an undervalue. The share is your asset and if it is worth something and you give it away then that can cause trouble, of course if it is not worth anything then you can freely transfer it wthout any problems later. The OR will look at the overall value of the company, so for instance the company may have some debts but if its assets are worth more then it may have a value, that something you nee to judge when you transfer it. 1 other question, are you still going to be working for this comany or are you completely seperating your self from any involvement?
2. Although it is in his name, the OR can determine that you may have an interest in the property if you have contributed to it over the years. If it has no equity then they wont persue anything (nothing to be gained) but if it does have equity then they might (all depends on exactly who has been contribututing what and when). so it may be wise to look at if there is equity or not, the OR will almost certainly ask you for evidence of this at some point
3. Is he a registered carer for his mother as this efectively classes as work and makes it more likely that the childcare would be allowed, if it is purely unofficial then it would be an individual decision for the OR |
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maxpower
Starting Member
22 Posts |
Posted - 12 March 2011 : 15:47:16
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Thank you for clarifcation of 1 and 3, that has definitely helped.
For 2, I am still unsure how to fill out the section about whether I have a mortgage or rent.. do I somehow say there is an 'other' circumstance? How much detail should I put on the form?
I will be visiting CAB next week, but from what other's have told me they only give the most basic of advice, and I'm not sure they would be able to answer these questions.
Thank you again.
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