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| conwyman | 15-11-2008 10:19 PM |
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Joined: 05 Dec 2007 Posts: 21 My Profile | I wrote on the forum a few weeks ago about bankruptcy and i dont know what to do I owe about £17,000 and the last couple of weeks i have been in hosptial and finding it hard keeping up with payments. Payplan said they can help My business is trading as a sole trader but i have made the busines into a company and my partner is the director i have nothing to do with the business just to keep the name as i am afriad that if i go bankrupt then the business nam e will be lost the house as a secure loan on it which is not behind and also the mortgage but the unsecure loans have made my cash flow tight I have orders for Pcs but i am struggling to find the cash to buy them wholesale to sale to my customers Having read abot IVA and bankrupty on you site it does say that assets might be sold does that mean tv, Pcs, as the business is run from home there isnt any vaule over £5000 on goods i have but all these are giving me sleepless nights the mortgage is £84,000 and is value at £1000.00 but these is a secure loan of £15.000 the unsecure debt was caused by loosing £5000 in training fees when the training centre went bankrupt a few years ago and also spending on a van which cost me £3000 this year the rest was used when the business was struggling the last couple of years I have just started getting tax credit which does help pay for the mortgage and my partner pays for the secure loan every month so it not all bad could i go bankrupt soley on my name if i do a IVA would i be able to keep my business account the thing thats bothering me with an IVA is what can they take from me in reguarding to assets i keep putting this off but i need to sort it out and start enjoying life |
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