I own a hair and beauty franchise in england however I live on the scottish side.
The majority of our problems and debt relate to the business, I have asked several people and got conflicting answers. Will we have to go bankcrupt on the english side as thats where our main business and both jobs are, or do we still have to be made bankcrupt in scotland as thats where our house is?
1) we have a car through the business which is on HP although about 6mths I put my own private car as part exchange as the deposit (approx 5k) will they take this, or can an allowence be made for us to purchase a new car for work?
2) I previously was made bankcrupt in 2002 due to student debt, however now in this position due to business debt? will this go against me?
3) I am a hairdresser and my partner is a beauty therapist, when they say you can keep you tools of the trade, to what extent do they mean? do they just mean basic things or could you class the furnature etc for a beauty room as your tools ie a bed, trolleys etc? and what about a stylist can they keep a section and a chair and the hood drier etc?
4) We have been taking cash for the past month and was going to use this to pay our rent but to be honest were not going to be there, what should we do with the cash? keep it? or pay off some invoices?
P.s I see ourself going bankcrupt within the next 8 weeks, should I continue to pay our mortgage or should we jsut keep the cash and say purchase a cheap run around? or deposit on a rented house?
Bankcrupt? urgent help needed
Posted - 22 December 2008 : 22:05:33
