Saving my business (Sole Trader personally facing bankruptcy)

CJCIT

I'm personally facing bankruptcy, and its going to be unavoidable. However I am a sole trader and without my personal debts sucking the life out of the business, it would be doing just fine. How do I keep my business going and avoid the Bankruptcy Trustee doing just what my debts have been doing? Is it worth turning the company in to a Limited company with a family member at the helm? ...and how do I go about this? or can i still keep the company in my name, and rebuild after any decisions?

RAS

Hi and welcome

Firstly, please give Business debt line a ring, contact details nicked from Tiger below.

Your first port of call should be to contact one of the Debt Charities; see links below. Their services are free; they have no vested interest to serve; their advisors are professionally trained and the advice they give will be objective and in your best interests only.

CCCS 0800 138 1111 National Debtline 0808 808 4000 Business Debt Line 0800 197 6026 CAB – Contact your local office and ask to speak to a Specialist Financial Advisor. Insolvency Service- 0845 602 9848

Secondly, if you post up in the bankruptcy sub-forum - see near the resources bar on the fornt page - there are loads of guys and girls who have been through the same thing and can help you out.