Need as much help as possible!!! Greatly Appreciated

scotty1978

This is my second post so i thought id tell my story and get some answers from everyone.

My problems started when i decided to go self employed.My business partner and i set up 2 companies both of which had factoring agreements to help with our cashflow. We owe both companies about £30k each. The majority of this figure is interest!!

My business partner and i are jointly liable for the debts through persoanl guarentees. He doesnt have any assets etc.. so the companies are chasing me by putting charging orders on my property which i own with my fiancee.

Luckily my property has no equity available!its in negative meaning regardless of the charge they will be waiting a long time to get any money from that. Im ringing the court tomorrow to get the forms for bankruptcy. My biggest fear is what to include for unpaid tax in my 2 years of self employment - no accts filed and weve been really bad in sorting stuff out.

I have persoanl debt too of about 15k. My fiancee is so understanding and has seen the change in me due to stress and just wants me to declare bankruptcy so we can start living and building our life again. I need as much help as possible as to what will happen with the charge and ccj's i have. Luckily enough my fiancee im hoping will be able to buy back the BI in the property.

Im terrified in case i cant remember exactly what i owe. Ive made my mind up to do it as ive buried my head for so long. I really need some answers if you can.

sorry to waffle

philnicandamy

Remember any joint debts will fall to the person not going bankrupt......get some advice from business debtline & either cccs or national debtline (links in my sig below) try not to worry (easier said I know!!) if you cant remember what the exact figures are you own guestimates will be ok

oh....and welcome!

peachyprice

Hi Scotty,

Your debts with CCJ's will be included in your BR, the ones that have been made into charging orders will remain on the property and will not be included if the CO's are final, if they are at the interim stage they will be included in BR.

HTH

scotty1978

Thanks for that. Its more about the charge on the property. were trying to sell but as you can imagine its not shifting. If we sell what happens to the charge?does it dissapear in bankruptcy?Ive heard that charging orders cant be sustained especially if the place is in negative equity and OR would have first claim if there was money available anyway. Ive spoken to National debtline, due to the amount owed , which is 80k if i go bankrupt for all business and personal debts then it makes sense. Even if my business partner goes bankrupt too, which i think hes planning , ill still be going for about 45-50k. What a mess eh!

Strangely enough if i was single i could cope and would have done this months ago. Ive been worried sick of how my fiancee will react, considering were trying to start a family and move on she has been stronger than me so as far as im concerned thats the worst over with.

For obvious reasons i need help making sure i dont get an IPA and i know i need to to keep my surplus under £99. Has anyone had similar probs with business and persoanl debt?charging orders?

Thanks in advance

scotty1978

ive got a feeling theyre at the interim stage! if they are final and we do sell the property but theres no money in it to cover them then what will happen?

peachyprice

If they're interim go BR ASAP to stop them.
If they're final, they can stop you from selling the house. However, they couldn't stop your mortgage company from repossessing

If you do manage to sell the house, or be repo'ed then any shortfall will go into your BR.