Advice and support desperately needed!!

Simpsona

Hi Everyone,
Ive just registered on here so thought I would post straight away. Have tried a few other forums but they all seem to be dormant so this one looks a lot busier!

Where do I start?? Well, on the verge of Bankruptcy, Hubby and I both self employed, approx £80k personal debt (unsecured) a lot of which was for our 2 businesses, plus approx £35k linked to my business but sole trader so whole lot counts towards this mess. We were managing to pay all debt each month until we sarted heading for this recession, then it all started going pear shaped! We have 3 kids aged 10,8 &3 and our eldest has special needs so life could just not be any harder at the minute! We have no equity in our home and to be honest not a lot of value in the businesses either? One car on HP but is ready for the knackers yard and not worth whats left on the HP. Hubby going back into employment and I think if we both declare Bankruptcy I'm presuming they will close my business down ad sell contents? (small kiddies softplay) We are behind with business rent and rate but up to date with mortgage on house. We would hate to loose the house as our eldest would take this very hard due to his dissability. My business sint bringing enough to cover running costs and although I know things will eventually pick up, we have no way of carrying it though and are just getting deaper and deaper into debt each month. Could I re-open once recievers have took anything of value? Would rent arrears and business rates be included in our BR??? So many questions and just so worried for us and our young family at the minute! Scared to answer phone and dread the postman!! We are seeking advice but just nice to get some feedback from people who have gone or are going through similar! Hope some of you can help.

deedee_3

Hi and welcome to the board.

The first thing you must do is talk to one of the debt charities like Business Debtline. (link and number in the Bankruptcy Help sticky at the top of the front page.) They are very busy at the moment so you will have to sit down with a cuppa and the finger on the redial button.

Also have a good read of the Bankruptcy Help sticky as there is a lot of useful information in there. Also read as many of the threads as possible and keep asking questions.

If your house is in negative equity then if you can afford the mortgage\and any saecured loans on it the OR may offer you the chance to buy the beneficial interest. So you won't necessarily loose the house.

Simpsona

Thanks Deedee, I am getting advice from SSTAC who I was referred to by the CCCS. We qualify for free legal help from them so they are putting a case together for us this week. They are then going to correspond with all creditors on our behalf to take the pressure off us a bit. I cant see any other way out tho other than BR as we could never pay these debts off on our earnings, to make things worse I launched my business with a lottery win of £25k! how ironic to win the lottery one year only to go Bankrupt the next! Makes me feel so silly for landing my family in this mess!