Advice regarding bankruptcy

ziggy_stardust_3

I hope that some people may be able to give me advise regarding bankruptcy.
I have my own limited company that has 28000 debt in loans (10 k in secured) and a 2 personal mortgages, one on a property that I rent out to the business. (The property to business is about £60000 and our home has a £70000 mortgage worth about £130000). Personally we have 5k in credit card debts.
Things are getting bad regarding work and my wife who is suffering from depression and is under treatment and medication. We have reached our £10000 overdraft limit and I'm only just treading water but if things carry on I will sink.
So would it be better for me to go bankrupt and then rebuild my life and reboot work or will the implications outway any benefits. The work I do could mean that I could work from home and rebuild.I'm very worried what the future may bring.

Cheers

kepar

How much equity if any in the property rented to the business?

ziggy_stardust_3

About 10-15k since last valuation.

kepar

So from what you say, you have £15k equity in the property and have £10k secured loan. Can't you raise the £10k, pay off the loan, close the company down and the go working away.

You have equity in both of your properties and if you go br , the OR will take a look at these and your home may have to be sold to realise the equity.

Going br should be a last resort and I would be looking at other ideas , because of the amount of equity I had before I travelled down that path.

ziggy_stardust_3

It the releasing the equity is the problem , houses are not selling at the moment and to be honest I really don't want to lose my home. The business property I can't sell it due to same problems , glut of unsold properties in the area. I'm willing to lose this property and let the creditors take the asset.
I went to the bank to try release some of the assets in my property but they was unwilling to do so due to my income and will not because of limited company.
Thanks for your reply I appreciate it.

Ineedaname

It might be worthwhile ringing Business Debtline for a chat, they'll be able to advise you in more detail.

tigerfeet2006

I concur that Business Debtline is a good idea as a first port of call. They are busy at the moment so be patient.