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RANSIDRAT
Starting Member
5 Posts |
 Posted - 27 March 2013 : 00:50:07
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| I am considering bankruptcy and am worried for my wife and her belongings. I am a sole trader in the pub industry, my wife has a house that she owns and has done before we met, my name is not connected in any way to her house other than residing in it, can they take this from us, I own nothing at this property, everything I had has been put into the business |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 27 March 2013 : 10:27:09
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Hi,
Does she have a mortgage on the property and have you contributed towards it? Or any renovations? How long have you both lived there?
Have you taken advice on your options?
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 27 March 2013 : 10:40:30
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Hi and welcome.
Echo the advice given above by Viki. An OR may well think that you have a beneficial interest in the property as you have lived there.
Do speak to an expert - the advice is free and you can find details under the 'expert' link on the left hand side of the page.
You could also try having a chat with the CAB. |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 27 March 2013 : 13:25:06
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Hi ransidrat
welcome to the forum
which pub chain do you belong to ? Enterprise and Punch are real bar stewards and do not offer any help to the landlords. Greene King can be helpfull to a point
I have helped alot of pub landlords change direction / career the most important step is to fully plan your extraction and get the timing right.
unless you have a really supporting area manager I would not say anything until you have a plan in place.
The OR would automatically assume that you and your wife have shared assets so again part of your planning is producing / obtaining documentary evidence showing your involvment. (or lack of involvement).
good luck Richard Pearce
Good Luck Richard,
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RANSIDRAT
Starting Member
5 Posts |
Posted - 27 March 2013 : 15:01:09
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All three thank you for your acceptance into this forum, it is all very daunting but to have an aid like this is an extremely beneficial tool & a relief that one is not alone
I am with Punch Taverns and I have only lived with my wife for 10 months of my time with her before I took on the pub and in that time i was on benefits and she was working P/T etc. so my contribution to the house was minimal if nothing.
My lease here expires 13 may so do not want to stay on a tenancy at will clause as the debt will continue to grow I would rather nip it in the bud to cause less damage to creditors and my self and family (not in that order)as possible, so if Richard could give me some timing points that would be great
many thanks to all who contribute |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 27 March 2013 : 17:03:57
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Pick up the phone and speak to an expert - the advice is free and they can point you in the right direction.
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 27 March 2013 : 17:14:29
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in relation to your wifes house
have in a document value of house before you met
contributions that you and she made to its up keep
value of house now
whilst you were both unemployed or part time. who paid for what ?
you already have end game for timings sat 11th May sounds very good
you have 6 weeks to get organised, not having had any more than 2 threads discussion on a forum I cannot give specific guidance.
I am working in the insolvency industry but I am not classed as an expert on this forum. so i cannot release my contact details I would suggest speaking to Viki. This planning stage that we are trying to establish over a few short forum threads would normally take me a scene visit and a good couple of hours planning spending time with both you and your wife.
i can help on the forum with general short questions
Good Luck Richard,
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 27 March 2013 : 17:27:00
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| Have a chat with either an insolvency expert or the CAB. The initial advice is free. |
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RANSIDRAT
Starting Member
5 Posts |
Posted - 27 March 2013 : 19:29:28
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I am currently filling in my "Statement of Affairs (Debtor’s Petition)Insolvency Act 1986 Form 6.28" and curious about my position and what I put down.......I am self employed Publican with NO staff and it is asking what job I do and how much I take home etc., but I am due to go bankrupt and will be unemployed, so do I put my current job down or do I take it that this job now does not exist anymore and I say that I am unemployed and receive only benefits?????
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 27 March 2013 : 21:56:41
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wow stop
timing is so important
if you are a trading partnership, LTD co or in any form of business, you must get all ducks in a row before you do paerwork.
please NO paperwork until 13th may
Good Luck Richard,
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RANSIDRAT
Starting Member
5 Posts |
Posted - 27 March 2013 : 22:14:47
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| Im nervous of leaving it til the last day of my lease, i.e the day I hand back my keys. I will be owing rent on the pub, plus also outstanding debts to the council for my rates, British gas for both my gas and electric and one personal debtor that I have an unsecured loan with and absolutely no way of paying back. Are you saying its best to hand keys back in morning and then go straight to the court to file for bankruptcy? Sorry if this seems like a dumb question but I'm going into the unknown with this and really nervous about ramifications etc. I should have said that I am a sole trader, have paid off or will have, all my other providers, but the big ones are the ones that are creasing me!Is there any possibility I could be declined bankruptcy? My outstanding debt will be about £50k, Ive looked into IVAs but for a number of reasons have decided against this course of action. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 28 March 2013 : 08:19:37
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How are you going to fund the fee?
You should really take some expert advice before doing anything.
Give Viki a call, she will be glad to help. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 29 March 2013 : 08:51:20
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| As regards court - check with your local one as to whether or not you need to make an appointment. Some do not do 'walk in' applications. |
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I am considering bankruptcy and am worried for my wife and her belongings
