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Kate1
Starting Member
12 Posts |
 Posted - 01 August 2009 : 11:28:33
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Hello!
Right where to start. We have got business but it's not going well. We haven't enough money to pay rent. So i was starting thing going to BR. It is partnership but lease is just for my name. Also have secured loan on my name but is in joint account with my husband. We owning house but price for the house is lower then the mortgage. Mortgage is on both names. I have got car but is just maybe £ 1000. I want put the business and the loan and credit card to BR and do it just on my name. Could you help me please? Can I put the secured loan there and what can i do? Shall i stop paying the loan? What about house? Will they take the house? What about account? It's joint account. I'm sorry but I'm totally lost and dont know where to start.
Thanks |
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Kate1
Starting Member
12 Posts |
Posted - 01 August 2009 : 19:48:19
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Nobody can help me??
What will happen with joint account?Will they close it? What can I do first?
Thanks a lot K |
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mick1972a
Junior Member
235 Posts |
Posted - 01 August 2009 : 20:17:36
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Someone will help soon Kate, try not to worry, the forum is a bit quiter of a weekend.
Mick |
Edited by - mick1972a on 01 August 2009 20:18:15 |
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Kate1
Starting Member
12 Posts |
Posted - 01 August 2009 : 20:19:14
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| Ok Mick thanks ;) K |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 01 August 2009 : 21:05:06
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Hi Kate1
there are a number of things that we need to look at and review . Each of these will have a consequence and need to be dealt with.
1. The partnership. are the debts in sole names or joint names ( supliers etc)
2. What type of business are you in and what level of stock do you have.
3, Is any money owed to the partnership
4. what is the total debtin the partnership and then individually.
If the house is in negative equity then there is probably no risk of you loosing this provided that you are able to maintain mortgage payments after the business has concluded.
Also you should review what you are going to do after the business has ceased.
there are a lot of things to consider and it is really easy to get confused as to what to do first and how to proceed.
I wpuld really recommend that you take advantage of one of the forum experts and have a free telephone review of your position so you can then start to plan what to do and when.
the forum experts can be contacted via their links in the experts section.
hope this helps a little
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
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Kate1
Starting Member
12 Posts |
Posted - 01 August 2009 : 21:29:31
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Thank you for your reply.
The business is just small coffee shop where is not a lot of stock. It is a partnership with my husband but the secured loan is just personal and is just for my name but is in same bank where we have the joint account. The loan is 25 000. Then I have credit card 4000. Lease for rent for business is on my name and we are 1 month behind the payment which we have to pay 3 months in front (3000) and if we finish lease i think there will be some months notice so I thing another 3 000. First we wanted declare BR both but I find that is better when i will just declare BR. Is it right? Can I continue do the business at the momentor shall I stop? We are working there both. Shall my husband cancel working as self employe and start to look for the job? Sorry for so many question. I'm pregnant and I thing it will be hard to find the job now, shall I go to the job centre?
What about the account when is joint?
Thanks again K |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 01 August 2009 : 21:42:04
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Hi
if the majority of the debts are in your name then it would only need to be you that went Br.
It is important that you formally conclude the partnership.
You will need to think carefully about the business. If you petition for Br the Official Receiver will come and collect all the assets and close the business down the day you are bankrupt.
As I said there is an awful lot going on and you need to get expert advice.
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
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Kate1
Starting Member
12 Posts |
Posted - 01 August 2009 : 22:24:42
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Thanks
We haven't got any agreement on our partnership. Our lease should be on both name but on the end is just on my name.
That expert advice is just through the phone, how much it cost and what days can I call?
Before going tu BR I think we can close the business and take all the assets?
Oh how can we finish partnership? |
Edited by - Kate1 on 01 August 2009 22:35:53 |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 01 August 2009 : 22:39:46
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Hi
Most experts don't charge to talkover the phone. If you feel that you would like to talk to me directlu you can go to the contact page of my webpage and leave details and best time to call.
I am working tomorrow so happy to call then.
Before you take assets or give them away you need to understand what you can do and what you definately can't do.
Take care
Paul
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 01 August 2009 : 22:43:07
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I would recommend speaking to Paul - you'll get excellent advice from him.
Good luck xxx
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
25 IPA payments made, 11 to go - on the home straight! |
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Kate1
Starting Member
12 Posts |
Posted - 01 August 2009 : 22:46:16
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Thanks Paul
I just sent my details and you can call me anytime.
Thanks
K |
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Kate1
Starting Member
12 Posts |
Posted - 03 August 2009 : 19:33:43
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Hi Paul
So I sent the copy of loan through email. Please let me know.
I;m really sad and dont know what to do :( |
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Kate1
Starting Member
12 Posts |
Posted - 29 January 2010 : 11:26:11
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Hi
Thanks for all your help!
From 2 November I'm in bankruptcy.
I've got one problem. We have got house which is in negative equipment and we dont pay mortgage from september. But the mortgage is join with my husband but he is not in bankruptcy. OR offer to him the interest in my half but we dont want it cause we are not able pay the mortgage as is 930£ a month. I thought the mortgage it will go to bankruptcy but today I had phone call from the bank and they want to pay mortgage and all the money from september. We are not able to pay it. What can I do? Can I ask to OR to take the mortgage to bankr???
Can somebody help me??
Thanks a lot
Katie
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 29 January 2010 : 11:45:32
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Hi Kate
If you did end up using Paul @reviva to help you through Bankruptcy, drop him an email or give him a call. (prob best email as he is very busy at Moment)
I know that the service that he offered us, was also aimed at helping us through bankruptcy and getting us back on our feet.
Think it included yelling at me loadly if i decided to start getting myself in the same that i had allowed myself to get into !
regards Richard |
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Kate1
Starting Member
12 Posts |
Posted - 29 January 2010 : 11:52:34
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Richard Thanks
I didnt use Paul with my BR I just spoke with him in the beggining.
Just thing what to do. I will try to call to my OR maybe. |
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Daniel Griffiths
Junior Member
United Kingdom
268 Posts |
Posted - 29 January 2010 : 13:04:02
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Hello Kate
If the mortgage is in joint names and you went bankrupt but your husband did not then he is liable for all the outstanding loans and the arrears. Depending on his overall asset versus debt situation he may have to follow you down the same path. |
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I need help, please!
