Welcome Newbies and Lurkers

JMV

Good Morning Sunny

We escaped most of the snow until yesterday but now it's about a foot thick It is nice though...gives you a warm and fuzzy feeling. One of the cats has very long fur and comes in with big clumps of snow stuck to her belly - too cute!

Sunnylooloo

We had a blizzard yesterday......... then nothing.......

then a shower.... now all gone again.......

I know its cold as all my furbabies are hanging around the house.......... we took the dog out in the snow - she is so funny in it

Apparently more forecast for later....

Footdeep! Be careful if you have to go out - I have been out and got my shopping so I can relax in the warm

confused76

morning all!
lots of snow here...i'm staying cosy at home now! take care if you need to go out xx

if you are lurking and want to ask questions, please don't be scared, we understand how you are feeling and there are plenty of people on hand to help xx

now

JMV wrote: »

Hi Zillyboy,

I recently went bankrupt and run my own business (Sole Trader) - after nearly 5 years of trading my business became viable (in term of paying me a wage) about 2 years ago. Unfortunately the personal debts I had racked up (many were from years before I started my business) were crippling my business.

My biggest worry in going Bankrupt was whether I would lose my business - like yours, I feel it could grow and be successful. I am still trading (there's a technicality that you close the books on the day of BR and then reopen the business but it's pretty straightforward)...

As SoSadAngel says, it is different if you are a LTD company - and my business didn't owe any business debts either, so I have retained the goodwill of my suppliers - most of them don't even know I went bankrupt (you only have to tell them if you want credit of more than £500)..

I ran my stock down in the 2 or 3 months before petitioning for Bankruptcy and the Official Receiver allowed me to keep the small amount I had...

I don't have to pay anything to the OR (no excess income) but I will have to submit my books for review in May and again next November, before my automatic discharge - If I've made masses of profit then I may be subject to a IPA...

Hope these snippets from my own experiences help to reassure you - it's not the same for everyone but if you start a new thread more people will be along to help

Thank you for your post JMV, lots good advice xx
Zilly boy
Hi and welcome to the board, you have a lot of questions that need to be answered, please start a new thread and you will get a lot more answers xx

nottoolate

andyf1980 wrote: »

I've been around a short while but this forum is an absolute godsend. There are some very wise people and everyone is happy to listen to you even when ranting! :rotfl:

Exactly. there aren't many places you can depend on for good and quick advice. it makes this place very valuable

now

nottoolate wrote: »

Exactly. there aren't many places you can depend on for good and quick advice. it makes this place very valuable

To true :beer:

fiveyearplan

:wave: Welcome!

MicheH

MSE Andrea's original post.

Welcome

The Bankruptcy Board is about people who've gone Bankrupt (BR for short) helping out people who are thinking of doing it but don't know where to start and need guidance.

Many of the people who post on here already have a huge wealth of knowledge on the subject and are only too willing to help guide you along based on their own experiences.

If you feel you can do with their help please do start your own discussion/post your question on the board, then post your link to it in here so regulars reading this who may not have spotted it know you're asking for help.

As happens on many forums and social networking sites, you may sometimes see a post that doesn't seem in keeping with the friendly forum we try to make this. Sometimes it's just someone having an off day, sometimes it's what's called trolling.

If you do see a post you feel the Forum Team should be aware of, just report it by clicking the abuse button, then ignore it. Don't reply back as that gives the Forum Team more work and delays any action while they work out what's going on.

Now I'll let the good people of the bankruptcy board take over.

Good luck and take care

Andrea

bat-out-of-hell

do i take it everything is sorted now, and everyone is friends again:p:D

Oh and hope everyone has a good christmas if i dont get chance to get pop in before then :beer:

biffyfan

Hello, I dont know if I'm on the right section of the website (sooo much info!) but thought I would use here as a starting point.

My partner is being chased up by Inland Revenue for a tax bill that has been left for 5+ years. He was self emplyed for a year and then moved to emplyment and didn't send something back to say he was no longer self employed.

He was summoned to a court hearing (he no longer lives at his mums where the mail was getting sent to, and she hadn't told him that mail had been arriving for him) and his lawyer has advised bankruptcy is the easiest route. On speaking to an accountant he has also mentioned that.

I am trying desperately to get him to see if he can reach an agreement to just pay back the original amount rather than go down this route which I would have thought is an option.

He has gone for the easy way out though and thinks bankruptcy would be better as he wouldnt have the hassle of trying to arrange to pay this back.

I just think for what was a small amount originally this is a bit desperated and was wondering if anybody has any advice or is bankruptcy not as bad as I'm thinking it is? Or maybe I should just stop interfering and let him get on with it, he is a grown man capable of making his own decisions without me interefereing after all!

Any help on this or if somebody could point me in the right direction would be lovely!

Many thanks
Biffy