A bit of a mess

tryinghardtosurvive

My wife and I are Directors of a couple of Companies one has been trading for a year and the other for a little over three months. Prior to this I was a Director of a Business that went into Liquidation after 3 years of trading due to a bad debt.

The reason for going bankrupt is that my income over the last year has been slowly dwindling but I have maintained all the payments due each month but it is getting to the point where we will have no income for August and September with the longer term outlook looking just as bleak so with our current liabilities and no way of meeting them BR seems the best option for us both.

The sticking point is that in 2000 I was declared bankrupt and was discharged after the 3 years as a previous business took me with it.

We have not taken excessive salaries in fact can show the slow dwindling of our income each month and how little we are managing to survive to sustain a family of six.

My question is due to my previous failures and bankruptcy what is the likelihood of having an extended period of bankruptcy?

I have no intentions in the future of being involved in the running of a company and have to admit defeat in terms of running a business so full time PAYE from no on.

Any advice would be welcome as sitting here not sleeping for yet another night.

debtinfo

re previous bankruptcys, only another br in the last 6 years will be looked at. additionally because of a change in the law in 2004 no br before 01/04/04 will be counted towards any restriction. this means that you will be discharged after 1 year at the most as long as you cooperate.

fiveyearplan

Hi and Welcome tryinghardtosurvive! Debtinfo is correct that they will not go back that far to your previous bankruptcy. So, for once, time is on your side!