Where to start

mad2uk

After years of burying my head in the sand i have decided to confront my debts this year for my wife and kids sake. I have been on the forum reading a few threads regarding Bankruptcy so i will apologise now if i repeat any questions that may have been answered before on here.

What will happen to my business im a sole trader but at the moment it dosent make any income im just living on Tax Credits and cant see that changing in the very near future also looks like i maybe liable for £50,000 bill for a mistake i alledgedly made will the business debts be included.

Had a house repossesed still hasnt been sold what about the shortfall debt also will my wife become liable for the whole amount.

Fees am I liable for all the Bankruptcy Fees or just the OR'S part.

I cant remember all my creditors i just threw most letters in the bin shall i just get my credit report from experian will they all be on there.

Many thanks for letting me rattle on

DON79

Hi mad2uk, have you contacted Business Debtline at all? You might be better to get advice if there is going to be a large business debt coming your way and they can help out. I can't really answer the sole trader question, sorry, but I think you can still continue to trade after your BR if you wish to.

re the house - if it is in joint names and only you go BR, then your wife would become liable for repayment of the full shortfall left after the house has been sold.

You can apply for an exemption of the court fees of £150 but still have to pay the OR fees of £345. This is also in the sticky at the top of the page about how to apply for the refund.

If you do get your credit report from experian or elsewhere, make sure it is on the free trial - it will have the dates accounts opened, the balances, who it is with etc - I got mine and it was useful for helping with filling out the forms as it also has all the creditors address on there.

Hope this helps a little

Donna

DON79

http://forums.moneysavingexpert.com/showthread.html?t=1056083

here is the link to the sticky that you need.

mad2uk

Great will read throught the sticky

maxmycardagain

mad2uk wrote: »

After years of burying my head in the sand i have decided to confront my debts this year for my wife and kids sake. I have been on the forum reading a few threads regarding Bankruptcy so i will apologise now if i repeat any questions that may have been answered before on here.

What will happen to my business im a sole trader but at the moment it dosent make any income im just living on Tax Credits and cant see that changing in the very near future also looks like i maybe liable for £50,000 bill for a mistake i alledgedly made will the business debts be included.

you can trade on if you wish or wrap it up and lose any debts (inc tax bill)

Had a house repossesed still hasnt been sold what about the shortfall debt also will my wife become liable for the whole amount.

Shortfall wiped in BR

Fees am I liable for all the Bankruptcy Fees or just the OR'S part.

£500 (£350 court £150 admin)

I cant remember all my creditors i just threw most letters in the bin shall i just get my credit report from experian will they all be on there.

Put down what you can (get in the bin) but once BR they are all included

Many thanks for letting me rattle on

rattle away mate