Dont know where to turn

LilyBart

If repossession is a possibility - voluntary or otherwise - you should start looking at local lettings agents. But the most important thing to do is to look after yourself. You'll have a mass of paperwork to get through, and tons to organise, so whatever it takes to keep a clear head, do it, and try to make sure you're still eating, sleeping etc. It's like that emergency procedure card on aeroplanes: you have to put the oxygen mask on to be able to help others.

clairev

Just a quickie everyone - just before we go bankrupt can we withdraw some cash from our business bank account to pay the B/R fee and to live on until we get some sort of income or would we get in trouble for doing that

startagain_2

clairev wrote: »

Just a quickie everyone - just before we go bankrupt can we withdraw some cash from our business bank account to pay the B/R fee and to live on until we get some sort of income or would we get in trouble for doing that

I don't see any problem with that - we all cleared our personal accounts pre-BR - I don't know if it is any different for business accounts, I wouldn't have thought so. It is more important than anything to get the money for the fees.

SA

clairev

would it make any difference if accounts are already overdrawn but not quite to the limit?

maxmycardagain

please phone the max-bankrupts line on....oh, its not ready yet..

ermmmm


oh well.

what do you WANT to do claire, salvage what you can/keep trading/keep the house or wipe the slate and all the debts? either is a possibilty IF you want to, but if a joint BR+repo gives you your life back and time with your daughter you may regret not taking that option.

1. Is the business a Ltd company?
if so did you or hubby make personal guarantees on any loans or credit facilities?

2. If sole traders is it an official partnership in the eyes of HMRC?

Is the truck so big as to require a unit to trade from/rent?
PM me if you want to add details (like what the "units" are)

startagain_2

clairev wrote: »

would it make any difference if accounts are already overdrawn but not quite to the limit?

I had been living up to my overdraft limit for years. Each time my salary went in it nearly, but not quite, paid it off - but I then went and used all my salary every month bumping it back up again.
It is an interesting discussion point as to whether it is your money or the banks as it is an overdraft. I took the view that I borrowed the overdraft many moons ago and that the salary was "my money" and I used the December salary to pay my BR fees.
So if you are wrong for doing it, I was too!
SA

clairev

No, we are not limited company. It is a joint partnership. Whether we go bankrupt or not we are going to lose the house and I realise that now. Think we have got more chance of staying in the house as long as possible if we go B/R - so long as we can cover the mortgage and secured loan that is.

LilyBart

Hi Claire,
Have you phoned your local court yet? Best to do so now, so you can find out if they operate an appointments system or do it first-come, first-served. Then you'll have a time-frame to work with. A lot of people here have used their overdrafts, even credit cards, to survive in the weeks leading up to bankruptcy so it's unlikely - though not impossible - that you'll get into trouble for using the facility. However, if you're concerned about the ramifications of using a business overdraft for bankruptcy fees, call BDL again. The worst that would happen is a (short) BRU/BRO for failing to keep the business in order, and even that would be quite harsh in my view.
Lily
EDIT One further thought - as a sole-trader, I talked to BDL but found the CCCS self-employment advisor very helpful too. It may be very different with partnerships but it's always good to get as much advice as possible, even if that advice is conflicting.

clairev

Thank you - I will ring them now!

clairev

sorry its me again - how do I find our nearest bankruptcy court?