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Steven.w
Starting Member
9 Posts |
 Posted - 21 July 2015 : 22:43:09
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Hi, I am very close to petitioning for bankruptcy but could do with some advice regarding assets. I have run a business buying and selling collectables online for the last 5 years and still have approx £2500 worth of items albeit with fairly small individual value. Will these items be considered as assets and taken as I would no longer be able to trade and earn a living. My debts are all on credit cards and one overdrawn account. I also have income as a self employed gardener but the collectables business still accounts for a third to half of my income. Am I able to continue trading after the bankruptcy? Lastly will my Ebay and pay pal accounts be affected by the
bankruptcy? |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 22 July 2015 : 08:14:32
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Hi and welcome to the forum.
Your Ebay and Paypal accounts should be ok as there is nothing to stop you selling personal items. I am not sure about your collectables. Hopefully Viki will see this and advise, otherwise check her details out in the expert section and give her a call for some free advice.
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 22 July 2015 : 11:03:56
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Hi Steven,
Are you a registered business with ebay and HMRC? Self employed?
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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Steven.w
Starting Member
9 Posts |
Posted - 23 July 2015 : 23:47:19
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Hi Viki,
yes I am self employed and registered as a business with Ebay and HMRC.
Is that good or bad??
quote:
Originally posted by Viki.W
Hi Steven,
Are you a registered business with ebay and HMRC? Self employed?
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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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 24 July 2015 : 06:03:01
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Hi,
Your businesses will be shut down once bankrupt and any assets of the business and any credit balance held in PayPal will go to the OR.
You can start your businesses again but there are certain restrictions.
I suggest you speak to an expert and chat all of this through and see exactly what your debt options are.
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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Steven.w
Starting Member
9 Posts |
Posted - 26 July 2015 : 14:34:37
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quote:
Originally posted by Viki.W
Hi,
Your businesses will be shut down once bankrupt and any assets of the business and any credit balance held in PayPal will go to the OR.
You can start your businesses again but there are certain restrictions.
I suggest you speak to an expert and chat all of this through and see exactly what your debt options are.
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
Hi Viky,
Is that true in every case? I have had two two hour interviews with CAB and discussed my options. My debts are too big for a debt relief order and for an agreed payment plan and I have no assets other than about £2500 worth of stock and a very cheap car so I have been advised that bankruptcy was the most viable option. I have been through a common finacial statement with CAB and my income is already less than my essential outgoings. They have suggested that OR might not take all my stock if it will affect my ability to trade in the future and will take away a large percentage of my income. They suggested that there might be some leeway if I can show it will mean that I can no longer trade as that will severely reduce my income for the immediate and the forseeable future and that is not neccassarily the remit of the OR. If all my assets and pay pal credits are seized then I will no longer have any income and I wont be able to trade as I wont be able to buy new stock to sell? Also can I ask what future restrictions can be placed on my business if I go bankrupt? I am a sole trader not a limited company and if for instance I was a builder then presumably the OR wouldn't be able to seize my tools and prevent me from working in the future so if they seize my (limited value) stock then I will be in the same situation. This will put me in a situation where my income will go down even further and I wont even be able to afford essential costs of living and would also limit my capacity to pay an IPA in the future. I am finding it quite difficult to find any definitive answers to my questions and while you suggest speaking to an expert I am not sure where else to find one! I have listed some of my queries on here and spoken to the CAB and not sure where else to go to find out the implications of bankruptcy if the information I am getting is slightly contradictory?
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 26 July 2015 : 16:29:29
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With all respect to the CAB, they are not experts in BR.
Speak to Viki - she is a BR expert and will give you free advice.
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
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Steven.w
Starting Member
9 Posts |
Posted - 27 July 2015 : 13:44:23
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Hi Viki, I have sent a message to your email address. Is it possible to speak to you on the phone to get some free advice on the situation? Regards, Steve
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 27 July 2015 : 14:27:06
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If you check out the Vincent Bond website you will see Viki on there and you should be able to contact her via the phone.
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
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Hi, I am very close to petitioning for bankruptcy but could do with some advice
