Self-employeed and personal debt - Could anyone please help me with my questions. My partner and I have personal debts which total £28,000. My partener is a self employeed sub contractor and classed as a sole trader and I am a teacher. 1. Would I still be able to teach and would I have to tell my school if I went bankrupt. 2. My partner does not owe any money through his business and has not drawn a wage from his business since the beginning which was a year ago - Would his customers be told and would he be able to continue. 3. I am unsure how to fill in the form - As he does not draw a wage should I put the household living expenses on my form only. Also he has a barclays business bank account - should he go and see his business manager prior to going BR to see if the account will remain open. He does not have an OD on this account. Reading back - my questions seem quite confusing - I think that is how my brain is working at the moment.
1. You should check your contract however a Teacher is not one of the occupations that you cannot do when BR. You shouldn't need to tell your school although you would probably end up with a NT tax code so the HR dept would notice that something in your circumstances had changed.
2. The customers shouldn't be told but the BR would be advertised in the London Gazette and online on the Insolvency Register so if they happened to see this they would know he was BR. There have been several people on this board who are self employed and declared BR and they are able to carry on working so he should be fine.
3. He should definitely check with his bank manager/contact to see whether there will be a problem keeping the bank account open once he is declared BR. Put the household living expenses on both forms but put your contribution on his form and his income as zero if he doesn't draw a wage.
Self-employeed and personal debt
Posted - 25 May 2009 : 13:12:12
