A good friend is in debt, mainly credit cards I believe about £20k. He is a carpenter and operates his business from a small workshop as a self employed sole trader. The premises are rented to him on a licence. He is worried that he may need to declare himself bankrupt as he can't manage the credit card repayments any more due to not having enough work tho he could probably manage to keep up with his workshop rent in the longrun if he had a little bit of work and no debts; worry is not helping get the work. What should he do? If I help him with the rent for a few months and he gets a it of work can he keep his workshop if he declares himself bankrupt. Nearly all his kit is old and of little value except to him. He has an old car and no assets to speak of and travels light....apart from owing money! His lives with his girlfriend in a house which is owned by her.
well the bankrutcy will sever any contracts that he has like any rent or lease agreement, but there is no reason that he could not start a new agreement with the landlord if the landlord was willing
Can my friend keep his workshop if he declares bankruptcy ?
Posted - 20 June 2011 : 21:36:18
