Iam a self employed taxi driver operating as a sole trader. I have debts in the region of £42000, with my only asset being my taxi worth about £9000. Iam at the stage now where I'm not going to meet my payments on a few things as business has been very slack aswell as having a longterm health problem. Iam maxed up on credit cards, only my overdraft to fall back on for business emergencies. I obviously cannott go on forever like this but I'm finding it hard to make a decision, as I have been down bankruptcy route in the past, so know what to expect here. I just do not want to throw the towel in as I've worked hard to build it up from nothing.
Do I just keep floating or get out now while I can? What timescale are we talking about to stop paying cards and loans?
Hi I do sympathise with your position, it's very similar to many on this forum.
But I'm sure you know deep down that nobody can make this decision but you. Only you can make the decision on whether the business is likely to pick up. I don't need to tell you that when recession looms and things are tight taxi's are one of the first things people consider doing without if they can. But in the end it has to be you that decides.
If you decide that to continue is futile and only adding to your debt then you need to explore all the possibilities open to you before deciding on your chosen route forward.
If I was to wind things up then, do I stop paying all unsecured creditors immediately and then file for bankrptcy say ni three months time or something?
Hi if you want to call it a day you could probably wait longer if you wish but of course the creditors will start the inevitable program of harassment.
There's no need for you to wait if you have the necessary £495 and have completed the forms.
Do I keep going or do I go bankrupt?
Posted - 18 August 2008 : 19:51:23
