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CallMeAndy
Starting Member
11 Posts |
 Posted - 02 March 2009 : 15:25:56
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For the last couple of weeks or so I have decided there was no other choice but to file for bankruptcy for both my wife and I ( I owe about 34K she owes a similar amount I believe), of course this not surprisingly raises many questions but the last couple of days or so I have considered the option of another business scheme to rescue my position. For my wife I fear there is no escape.
My worry is that this will be seen as misconduct. In a nutshell I have a store card with Homebase that has not currently got any debt attached to it and a credit limit of £1200 I think. I am thinking of buying some gardening equipment; lawnmower, strimmer, hedge-trimmer etc etc in order to start a gardening round.
This is a cash business with hardly any further start up capital required, I will market myself with flysheets through letter boxes; it could be quite lucrative. In all honesty I believe this may enable me to keep the wolves from the door. I have not even a default against me yet (the first one has been notified for march 23rd or thereabouts), so my guess is time enough to establish the round before it is too late and even if not, then perhaps a more enjoyed future anyway.
If I file for bankruptcy say in 3, or 4 months time will this be deemed as incurring further debt (misconduct?) whilst there was an almost certain consequence of BR if this attempt fails.
Any comments would be welcome on this - thanks.
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 02 March 2009 : 15:47:04
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If a significant time had elapsed as you say, I would not see the OR going down the BRO route if the money was used to the purpose that you say in trying to establish an income, but think hard, in the current ecconomic climate might it be that people will be cuting their own grass? in an attempt to reduce thier own household costs? It may be a route deemed to failure with the end result of a higher debt level. some careful thought required - have a look in your loak free paper to see howmany other people are also in the same business before spening money
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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CallMeAndy
Starting Member
11 Posts |
Posted - 02 March 2009 : 16:15:23
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Hi Melanie thanks for jumping on this so promptly.
By significant time I take it you are referring to the time between now and the actual date of filing for the BR. i.e that 3 to 4 months would be an acceptable time frame with the intentions as stated?
Also I would want to file, if this idea fails or doesn’t happen, prior to bailiffs being instructed, do you think that would be a realistic time frame? as I mentioned first default is not on me.
As regards more people cutting their own grass, yes I am sure they are, and I am under no illusions that it will be anything but difficult but then getting a job at the moment might be equally as difficult from the way it seems, and if getting one how secure will it be? Additionally I am tainted with a negative history over last 3 years causing a pessimistic viewpoint; first job - company ceased trading and didn’t pay me for the last month, next job made redundant (sub prime mortgage market), last job if provable probably a case for constructive dismissal.
As regards the level of debt, I don’t see how it will make any difference to be honest, 34K or 35K
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 02 March 2009 : 17:01:56
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I would wait the time frame you state, or file now whilst unemployed at least you get the reduction of £150 off the fee for bankruptcy while unemployed and beg or borrow equipment from friends and relatives to enable this venture to take place rather than incur additional debt. The if the business does take off and you can obtain regular work check out local freeads or car boot sales for equipment - my neighbour on the weekend had a garage sale with ridiculously cheap items, see if anything is going in your local area, with people trying to get cash together you may pick up some bargains!
Melanie Nicholas
28 years insolvency experience - 23 of which in the Insolvency Service
- Insolvency Manager
Jones Giles
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pix1
Average Member
689 Posts |
Posted - 02 March 2009 : 17:35:02
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| It is admirable to want to avoid going bankrupt but as Melanie says it might not be such a great idea to relyon a gardening business to pay for you to live and to make payments on your credit agreements, albeit that you do not yet have any defaults. As you say, there is also the spectre of the bailiffs. Assuming you do not have a property with a lot of positive equity in it or other assets bankruptcy could be a good idea but needs to be fully investigated before proceeding. You could go bankrupt with the occupation of unemployed, sit it out until discharge (which might only be nine months), then start your gardening business when your creditors are gone! |
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pix1
Average Member
689 Posts |
Posted - 02 March 2009 : 17:37:08
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| Sorry, I forgot to say - and if you will allow me a joke - in about a year's time there might be some green shoots in the economy! Times are tough right now. This is a good time if ever there was one to go bankrupt as a lot of people are in the same boat. |
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Increasing my debt with a chance of avoiding BR
