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colemans
Starting Member
United Kingdom
3 Posts |
 Posted - 01 April 2009 : 12:46:26
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Hi
can someone give me some advise,I am self employed and now find myself in the situation where i have to close my business down due to customers going into receivership and owing me thousands and a down turn in sales.I have put my house up for sale and am considering making myself bankrupt, what would happen to my wife's side of the house when sold or any other of my wife's assests.I currently have an overdraft which is secured against the property, am i right as assuming that this is classed as a secured creditor?which would be paid off when the house was sold.I would then assume that my half of the house would go to the OR.I am not sure whether to go bankrupt or enter an IVA as I will be unemployed when i close the business down, as i have sold off most of my assets to pay back as many creditors as possible.My wife is now paying creditors for me out of her own business, which is seperate from my business,but cannot carry on doing this as she is not making enough profit to continue paying off my debts.Cheers any advise would be appreciated.Colemans |
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John
New Member
United Kingdom
73 Posts |
Posted - 01 April 2009 : 15:22:42
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Hi
if you sell the house then the secured will be paid off,, as a secured loan it takes priority along with any other secured loans and your mortgage.
After paying these and the estate agent fees and solicitor's fees then in theory half (your half) will be claimed by the OR if you hav declared, or are about to declare, bankruptcy. Your wife's half would go to her.
HAving said that the secured overdraft, if only used for your benefit such as to introduce some capital to your business, should come out of your half after other secured debts are redeemed.
This means of course that your wife could expect to be in receipt of more than 50% of the funds remaining.
If you are not receiving an income then IVA is not an option unfortunately. However, depending on your level of debt and the sum you expect to realise from the property sale a Full & Final IVA (one off payment) may be possible.
John White
England Jackman & Spacey |
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colemans
Starting Member
United Kingdom
3 Posts |
Posted - 01 April 2009 : 16:08:05
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| Hi John, thanks for your prompt reply,what about my wife's assets, she has a small business that can get us by for a few months whilst i look round for a job.Would any of this have to be declared.It is all seperate from me and all in my wife's name only as she has been trading for over a year.Colemans |
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John
New Member
United Kingdom
73 Posts |
Posted - 01 April 2009 : 17:37:09
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Hi
no your wife's assets, income and business are not affected by your bankruptcy.
You should be aware though that if there are any funds which were used to set up, or support, your wife's business which can be traced back to you then you could be deemed to have a financial interest in her business.
John White
England Jackman & Spacey |
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colemans
Starting Member
United Kingdom
3 Posts |
Posted - 02 April 2009 : 08:45:47
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Hi John
my wife used her own money,and she has invoices and cheques to show she has paid for stock with her own money,i have not given her any money, the only money i have given to my wife is my wages when i have had them,if anything like i said she has been paying my bills but cant do it for ever.whould se be classed as a creditor if i went br.IS there any body i can call to talk in private about my situation,as i need to ask some question.
cheers
the colemans
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Advise needed
