Should I go bankrupt?

funfunder

My life is a total mess. I am on anti depressant and dont know which way to turn. I would really appreciate any input. I explain the situation.

I have for the last 25 years been in a partnership with my parents running a shop. My father has poor health and while
Not physically working in the shop has mentored me. My mother up to 18 months ago worked in the shop. Then her drinking became out of control (she has a history of Acholol abuse). She driving to and from the shop and losing us customers on a daily. Staff were walking out. She would ring me in the shop 30/40 times a day screaming at me. Finally I said no more and asked her not to work and clean up her act. It came to light that she owed over £40,000. Some things were for items in the shop but not all. She had taken cash to cover most of the shop debt but the money had disappeared. 12 months ago she went to a solicitor and tried to get me arrested for using her cards. The solicitor drop it like a hot potatoe. She then tried to get my dad out of the business saying he was mentally not fit. When I challenged her she dropped the claim. After a series of letters I was instructed to run the business to this year. When it would close down and any debts shared between the three of us. Now the time has come to close and my parents have a new solicitor who claims I have used my parents name and owe over £75,000. I have a solicitor now costing me
Money I don't have. He says we have enough documentation to prove they are both involved. But the phone call and summons keep coming and I am at my wits end. My father is now dying and my
Mother has threatened me with the police if I go and see him.

My sister wants me to agree to saying I used their name and take all debts and go bankrupt. She says they will let me see my dad then. I don't owe any money and have a young disabled son who needs me. I don't know what to do. Help????

confused76

hi there

if you don't owe any money then i would not claim the debt as your own! this sounds like madness to me, don't let your family bully you into this. going bankrupt isn't easy and it has a lasting effect on you and is not something that should be done unless it is a last resort.

i hope you manage to resolve your family differences, but going br for something that isn't your debt sounds so very wrong. good luck

NeverAgain_2

I appreciate you are upset, but at some point you are going to have to take a cold, hard, look at the situation.

Your outline of the circumstances is far from clear, but you cannot simply take responsibility for debts, you either owe the money or you do not.

Unless there is something you have not told us, I doubt the police will be interested in whoever you decide to visit.

Your mother's drinking means that nothing she says can or will be taken seriously, which is likely to work in your favour.

paulwellerfan

you really need to take proper legal advice and fast.
this is your life we talking about here.
make an appointment with a solicitor to see the best option for you.
good luck.

funfunder

Thank you everyone, i sorry I wasn't clear. The business owes £75,000 of which I third I owe. I have arranged to take over the lease which would account for £40,000. But my parents refuse to pay their £35,000. They want me to take all the debt. My mother said this would teach me a lesson ( not sure what for). All the summons are coming in my parents name, I forward them
On. One has gone as far as a CCJ which their solicitor has said he will make me pay to have it set aside and issued in name. My solicitor has sent them a letter saying he had proof they are partners. He says they don't stand a chance and they are playing a sick game. But I can think straight and feel if I took all the debt it would be over even if it's wrong. Having read more postings I am not sure I could anyhow and my parents would be liable for the lot. I have also seen what a terrible blight it is on ones life. I feel sorry for those whose storys I have read and know I wouldn't be strong enough to survive it. I have never
Not paid anyone and don't think I would be able to live with myself. Knowing my parents have best part of half a million in their account. Thanks everyone x

Flyright

I don't think any debts run up in a partnership name can simply be 'passed' to one of the partners. In partnership law all partners are jointly and severally liable for the full debts incurred by a partnership. If you went bankrupt, the other partners remain liable for the debts.

suehippo

"Knowing my parents have best part of half a million in their account".

If this is the case then your parents and sister are being extremely selfish, not to mention irresponsible in blackmailing you into taking the blame.

I'm not sure about company law but I agree with a previous poster that if the partnership was properly drawn up then you are all equally liable and if you go bankrupt the debts will fall to the other partners.

In any case you should not be expected to take all the blame or debt on your shoulders.

funfunder

Thank you, I need to calm down and let the law take it's course. All my life I given to my family. But now I have a child I need to put him first. I admire those with the courage to go through Bankrupty reading the posting shows me on the whole good honest people in a impossible situation. I now know Bankrupty is the wrong route for me. I guess I stand my ground and trust in common sense and the law. Thank you again xx

funfunder

Update:

My situation doesn't not improve. Despite having the law on my side however my parents have put all their money in trust. They have very few assets and I have none. CCJ are flying around my parents are having theirs set aside and asking the creditors to summon me.
I have no idea what to do anymore. My solicitor say we will try one more letter then we have to
Go to court. At this rate we will owe £100,000.