I started up a business in March 2007 with a Lease running 5 years.I am now finding I cannot carry on as my clientele has dropped by about 60%. The Lease is in my sole name. If I become bankrupt I am worried it might affect my husband. We live in a bungalow that is in my husband's sole name. Before we moved here I sold my house which was in my name because my husband was made bankrupt himself in 1997 and so we decided to put the house in my name then. We moved into our new property last month and the property is now back in my husband's sole name. I have made no profit at all from my business since I started up. I have only made enough to pay the business rates, water rates, rent etc. Before that I worked part time and obviously could not have afforded to buy a property. It was my husband's money that bought the house and once it was sold he bought he bungalow outright which is where we now live. I do not know whether to go bankrupt or think of other options. Could you help!
from what I understand you have said if you were to petition for your own bankruptcy the official receiver would certainly have a claim on the house because of the transfering backwards and forwards.
I would recommend that you have a decent conversation with either the forum helpline or an expert to go over ALL of the solutions to debt and see how each would impact on your circumstances.
At least then you will have a plan.
Depending upon the shop, type of business etc etc would depend on the outcome.
We have has some good success in negotiating a walk away deal from leases and this may offer a different solution
I started up a business in March 2007
Posted - 07 October 2009 : 17:59:19
