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is business bankruptcy seperate to personal
killingjoke
Posts: 97 Forumite
i` have debts of around 25000 most on credit cards but 6000 owed to inland revenue. the credit card debts were used for both personal and business. Would this all come under the same bankruptcy. I am owed about 2700 from customers which i`ll get in the next couple of weeks should i pay a couple of my smaller suppliers first as i may bump into them. Also should i keep some of this for living off. i finished the business last friday (not told inland revenue yet). My partner starts a job this week but i have no job. I`m in scotland and i know it`s different to rest of uk but general help would be helpful. I think i`ll have to seek bankruptcy with 25000 worth of debt. it`s a bit scary as i`ve been ignoring it for a couple of years and the failing business has caused most of the debt.
Thanks
Thanks
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Comments
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Depends if the business is sole trader, limited or a partnership. Which one is yours?0
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sole trader0
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Then you are personally liable for the business debts - therefore you going BR would clear business and personal debts.0
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killingjoke wrote: »sole trader
Yes. Like me personal, business and personal debts all under one roof.
Good band "Killingjoke" if indeed that's who you were thinking of for your forum name.Better to be poor than a slave to wealth
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yes named after the mighty band0
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killingjoke wrote: »yes named after the mighty band
One of my personal favourites, including The Ruts, The Clash, and many more. Bring back the music, the real music. Lets riot on the street;)
RIP John PeelBetter to be poor than a slave to wealth
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killingjoke wrote: »yes named after the mighty band
they are fantastic, had the pleasure of seeing them a couple years ago when they went on tour with motley crue0 -
I saw Matt Bianco live in 1986 at the Ipswich Regent.0
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I worked on the 1997 Louise "soft & gentle" tour....:eek:We all die. The goal isn't to live forever, the goal is to create something that will0
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I reckon you should of have kept that quiet Phil :eek: indeedphilnicandamy wrote: »I worked on the 1997 Louise "soft & gentle" tour....:eek:Better to be poor than a slave to wealth
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