Few questions Re-Self employed

fooman

I am currently self employed and work has not been too good the last 6 months or so and my debts are coming back to haunt me.

I have 4 ccjs at the moment and a suspended repo on my house which i am paying an extra £100 set by the courts to clear the arrears.

There are a couple of things i need to find out before i go down the bankrupt route.

1) familly car on HP gearbox faulty £2500 to repair i know this will be sent back so not worried about that.

2) Van for work this is on HP with abt 12 months payments to go at £167 per month which i pay out of my buisness.

Will i lose the van or does this still come out of my buisness expense before my wages ?


Also i have had my head in the sand and not at all up to date with my accounts as i get money in and just use it to pay my bills. Done invoices for cutomers and got invoices from suppliers but not all written down yet.

How long from the court date will i have to sort these out using the court in bormingham ? wondered how busy they are.

More quesions to follow.


Chris.

iquit

Welcome Chris, sorry I can't answer any of your questions as not an expert - but I'm sure one will be along shortly to help you. Good luck

nervousmother

fooman wrote: »

I am currently self employed and work has not been too good the last 6 months or so and my debts are coming back to haunt me.

I have 4 ccjs at the moment and a suspended repo on my house which i am paying an extra £100 set by the courts to clear the arrears. If your house is in negative equity and you can afford the mortgage repayments when your other debts are gone you may be able to keep your house. They will allow you to pay mortgage arrears too

There are a couple of things i need to find out before i go down the bankrupt route.

1) familly car on HP gearbox faulty £2500 to repair i know this will be sent back so not worried about that.

2) Van for work this is on HP with abt 12 months payments to go at £167 per month which i pay out of my buisness. I think it depends on the value of the van, during BR they look at what assets they can take from your business but they will let you carry on working if you want to.

Will i lose the van or does this still come out of my buisness expense before my wages ?


Also i have had my head in the sand and not at all up to date with my accounts as i get money in and just use it to pay my bills. Done invoices for cutomers and got invoices from suppliers but not all written down yet.

you need to get your paperwork in order, remember all tax liabilitys up to the date of the BR will be included

How long from the court date will i have to sort these out using the court in bormingham ? wondered how busy they are.

no idea on that court I am afraid, it depends how busy they are

More quesions to follow.


Chris.

Cant help much i am afraid, my OH has carried on with his business after BR though. Your main problem will be getting a business bank account

fooman

nervousmother wrote: »

Cant help much i am afraid, my OH has carried on with his business after BR though. Your main problem will be getting a business bank account

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