Me and my husband own a Ltd Company which will have to close due to the recession. Our income is reduced. We have always kept up to date with our mortgage payments and intend to do so. We cannot afford the rest of our debts which amount to £44,000. We thought it would be best to declare ourselves bankrupt especially with a reduced income. Our home is in negative equity by £22,000. Will we lose our home even though we are not in arrears and will carry on paying the mortgage? We also have another property which we rent out which might have some equity in it come August when we only have to pay the council one fifth of discount back (£6800). Mortgage is £71,500 on this property. Can you please ring me with some urgent advice as we need it.
You really must be stressed, they can't call if they don't have your number - but don't post it on here. Wait until the morning, call the freephone helpline, leave your name and contact number and they will get back to you.
Hi Provided that the home is in zero or negative equity and you are able to maintain the mortgage payments then you will be able to keep it. There is a little admin to do regarding the sale of Beneficial Interest but this can be done.
The investment property would be dealt with differently.
The limited company is also a problem because you cannot be a director of a Ltd company while Br. There is however no reason why you couldn't trade as sole traders, however the Ltd company needs to be dealt with properly.
What type of company is it and does it have any assets tha need to be accounted for?
Also do you have any other assets that need to be discussed such as cars etc?
Paul Johns Assisted Bankruptcy Specialists Reviva UK
Me and my husband own a Ltd Company
Posted - 21 January 2009 : 21:42:36
