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Birdie
Starting Member
United Kingdom
1 Posts |
 Posted - 14 January 2009 : 18:03:09
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Hi Jo
Myself and my partner (business & personal) have been running a bar for the last 7 years. We have just left the premises on Jan 5th leaving a string of debt. We are not sure how much and if the brewery will follow their part up but it could be between £25k if they dont and £50 if they do. I also owe an electricity bill that is £23k! on thepremises but that was just in my name not both of ours so we dont know if we need to go bk individually or jointly. We have lived together 16 years have 2 children 3&4 and I have a 17 year old son from a previous time. We have our own home that was valued yesterday a £129,00 we owe £130,00 so thats in neg equity also my partner has a flat thats in neg equity but he rents at below its monthly mortage cost. We now both have no jobs and we still have working tax credit for now as we are both working within the business still to sort this out. I dont know if I should inform working tax, leave it a month while I sort the paper work out (the working tax was for us both working self emp in the business so does this still count as we still are trying to sort things?) also some bills are in the bar name, some trading as both our names, somein our individual names. does this mean we need to file bk seperatley, or personally or jointly ?? we were not a ltd company. sorry lots of questions at once |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 14 January 2009 : 18:42:41
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Hi Birdie & Welcome
I take it you only ran the premises and did not own it as such?
If the debts are only in your name then there should be no reason why only you should go bankrupt if any of these are joint then because they would go under joint and several liability then your OH would become liable and for the full amounts.
You can include all the debts you have listed and as for the WFTC that would be included as available income when the OR works out any IPA.
Your house if its in neg and you can afford the repayments then there should be no reason why you cant keep it.
When it comes to the actual business side of things one of the other experts or even another member may know more i have limited knoweldge on that, you could of course call our helpline and they can help you to go over this. That number is 0800 078 9367, if they cant speak straight away then leave a name and a contact number and someone will get back to you.
Also there is no such thing as a joint bankruptcy if you both decide to go bankrupt then they are done as individual bankruptcies.
Dont know if this has helped.
Jo
x
Needafriend says:
Just always remember one thing, Your not alone, your not the first and you wont be the last.
23 Weeks down
29 to go
For more info on how i have come through bankruptcy and for links to help with filling out the forms, I&E, Car Valuations, etc, etc, you can read my blog here called:~ Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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running a bar for the last 7 years
