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hanlou
New Member
United Kingdom
56 Posts |
 Posted - 27 November 2008 : 16:17:39
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| hi my partner and i have now no choice but to go bankrupt he was a director of a company which was made bankrupt this week, we made a bad decision by securing the business loan and overdraft to our home which has now been turned into a legal mortgage which we must pay as well as our first mortgage ...cant do it we have four kids my partner is now employed but is not earning enough to cover our personal debt,business debt and two large mortgages.we have made a decision to hand keys back to our first mortgage and go bankrupt to clear it all, we have no real equity in our home now have tried to sell but nothing moving but knowing we cannot pay the second mortgage it wont be a matter of time before they reposs our home.we struggled to keep the business but turnover fell sharply this year and we ended up between a rock and a hardplace scared stiff to go bankrupt but have no choice now trying to keep going for kids sake any advice would be appreciated |
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jwmc77
Junior Member
United Kingdom
195 Posts |
Posted - 27 November 2008 : 17:16:28
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try not to worry, bankruptcy only SOUNDS scary, in reality, once youve done it, youll probably wonder why you got into a state over it.....keep with this site, we are going br in feb and we felt the same as you before posting on here....now? like i said...dont know why we worried so much!
do it and start a fresh, for your sake as well as the kids.
MAC |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 27 November 2008 : 19:28:08
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Hi Hanlou
the absolute first priority for you all is to prioritise what needs to be done and when.
Rushing into bankruptcy is an absolute NO NO, so please don't book a court date for next week. Provided that there are not bailiffs around you have time to organise the really important things
Home
Deposit for new home
Bank Accounts
Moving dates
Handing back of keys.
I would really recommend that the best thing for you is to get a plan, don't rush and work through it slowly. You will find that if you have control of the major events then dignity remains with you.
Dignity and Control
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK
www.revivauk.com |
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hanlou
New Member
United Kingdom
56 Posts |
Posted - 27 November 2008 : 19:28:39
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| thanks for that nice to know there are people out there who understand now i dont feel so alone |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 27 November 2008 : 19:38:33
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Hi
the forum is a good place to get some Br advice but also some personal support from people that have gone through the same experience and survived.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK
www.revivauk.com |
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hanlou
New Member
United Kingdom
56 Posts |
Posted - 27 November 2008 : 19:40:28
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| thanks paul you are right but dont worry we are not rushing in to bankruptcy i am laying out a plan we have gone through credit checks for renting which i am pleased to say they passed just waiting for references to come back and i know they will be fine just be relieved to get a roof over our heads before the bankruptcy which i think we will do in january just so pleased to find people to talk to and find answers. this has been in the background all year we knew when the company went we would too but you live and learn a very hard lesson, be nice when i can sleep at night |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 27 November 2008 : 20:09:02
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Hi Hanlou & Welcome to the forum
We are all here for you whatever the question, querie or just for a general chat.
Your never be alone on here.
Take care
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
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harbourmaster
Junior Member
346 Posts |
Posted - 27 November 2008 : 20:29:29
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Hi hanlou
You are not alone, we went through a very similar thing and had personal guarantees for the companies debts. Pauls advice is so true take time to plan your future... It really isn't as bad as it sounds. Keep using this site it is a GREAT help. |
Edited by - harbourmaster on 27 November 2008 20:29:51 |
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now no choice but to go bankrupt
