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| conwyman | 01-11-2008 08:25 AM |
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Joined: 05 Dec 2007 Posts: 21 My Profile | I have been in touch with payplan who said they can help me with my debt but as it stands its nearly £20.000 As i run a small business as a sole trader I have moved the business name to a limited company in my partners name so i have no dealing with running the business but i will be just working as a engneer. The point in doing this is If i go bankrupt will the busines name be saved and can i just work for her company as a employee the other thing is my van for business will that have to be transfereed to my partner because if i couldt keep it i couldnt work. the other thing is assets the only thing i have is my mg that was written off this year and as been of the road in my garage on a sorn waiting to get repaired will that have to be sold and what about thigs like Pcs and husehold goods the other thing is income what happens to that I do medical trails about twice a year will that money have togo to the reciever Going bankrupt is sad but having sleepless nights is harder i have kept up with everything at the moment My partner who lives with me can open a business account to keep trading but im weighing up the odds on what to do the otherthing is my house the mortgage is £83.000 with a secure loan of £15.000 so there is no value in the house to sell once you are dis charge can the debters still come back and ask me to sell also can the house be transferred to my partner as its only mine name on the mortgage I would be gatfull for reply |
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| paladin | 01-11-2008 09:42 AM |
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Joined: 06 Jun 2007 Posts: 99 My Profile | Hi Conwayman As I said before, as a sole trader, your business name was never at risk. (if you were a plumber trading under your own name you wouldn't have to change your name if your were made bankrupt). The limited company and you are two completely separate entities and therefore your bankruptcy will have no effect on the limited company. Transferring the house to your partner may be problematic as you have a second charge - a secured loan - on your house. Your secured probably has a term in which you must pay it up. If you break the terms of the agreement you will have to pay back the full amount. If your partner can get a mortgage for the full amount, the mortgage plus the secured loan, then it may be a good option. I would also urge you to read the advice in earlier threads. P Further reading Your duties as a bankrupt The effect of bankruptcy What will happen to my house in bankruptcy? |
