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 Hi, My son's business is failing and a supplier is likely to make him bankrupt.
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Posted - 27 September 2015 :  14:58:08  Show Profile  Visit Peterdh97's Homepage  Reply with Quote
Hi, My son's business is failing and a supplier is likely to make him bankrupt.
He has a mortgaged house with(I think) about 30K equity.His total debts are much higer than this. I have read the www but can't seem to get a clear answer as to whether or not they will force him out of his home. He is 40, married with 3 children under 16.

forum expert

United Kingdom
2211 Posts

Posted - 27 September 2015 :  16:40:43  Show Profile  Reply with Quote
Hi Peter,

The official receiver will want his share of the equity. I suggest your son takes advice as soon as possible to see what options are available to him.

Has he any other debt?

Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
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United Kingdom
4590 Posts

Posted - 27 September 2015 :  18:02:57  Show Profile  Reply with Quote
Hi and welcome,

Agree with Viki - give her a ring for some free advice and she will be able to point you in the right direction.

The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant

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