bankruptcy - renting - business

dancecraze

Hi All

Just joined and am reading everything I can.
I'm self-employed and run youth theatres and a dance school!

1 - Situation is: Cared for Mum-In-Law for 2years - Last 6 months she lived and died at our house. I loved her - my best friend! she died March 06
2 - Business suffered whilst caring.
3 - Debt mounted up including mortgage arrears.
4 - Got out of debt once with mortgage in March 06 - and it stopped a court hearing.
5 - Husband - a self-employed plumber! was very spasmadic giving me money to help with the bills! So I gave him the responsibilty of paying the mortgage only!
6 - Hey - he didn't keep paying it!
7 - Got a new court hearing date for Jan 07
8 - Caught him havng text sex by stealing his phone, (our eldest daughter 18yrs old - suspected and told me to steal it) with an old girlfriend of his from 23yrs ago. He lived with her for a while in East London. Apparently he has moved back there.
9 - We had been married for 20 yrs last October.
10 - I'm so bloody blind. Since I everyone is telling me of all his affairs!!!!
11 - He left on the 19th December 06 and we haven't heard from him since!
12 - We have 4 kids. It's bloody hard! but they keep me going.
13 - Debts have got worse meanwhile.
14 - Court case was yesterday and the judge saw I was in a bit of a mess and refused repossession and agreed to my offer of paying the mortgage and £10 towards arrears. To be reviewed in May 06.
15 - the duty solicitor helped me so much at hearing and then gave me another 11/2hrs afterwards - advising me.
16 - As my husband has debt that he isn't paying, including NI contributions and tax, and we don't know where he is, he could at any time declare bankruptcy and the house would go. Leaving us 5 high and dry.
17 - Many household bills are in his name and I can't do anything with them (other than pay them) without his signature.
18 - The solicitor suggested that I should go bankrupt and use these 4months the Judge has given me to get a fesh start. To Go Bankrupt myself!
19 - He was a heavy drinker and pretty scarey when drunk. Very physical with our eldest son.
20 - So all in all we are all better off without him - and I really don't want to need him financially.

God was I scared. But he made it sound like it would be easy and I would have my life back in order much sooner than just trying to cope for years, and my husband still having control!

My questions are:

If he doesn't declare bankruptcy what happens to the half of the house that is my husbands as he won't be bankrupt until his creditors declare him - as he is not paying anything?

Does my half pay my debts only?

Are shared debts included without my husbands consent?

I've been told to rent a house - and get it sorted soon. Do I find one and move in and leave our house? but how do I do this, as surely the receivers need to see all assets? Basically what's the procedure?

Do I carry on paying the mortgage meanwhile? do I stop paying them when I move out?

My business which doesn't have any assets other than a laptop, and a car, which I need to carry on my work. Will they go?

Will my business be touched? It is a service business only - teaching. It only has goodwill to sell, and I'm the business.

What happens to business debts - can these be included in the bankruptcy, they are a loan and bank account?

Before any of this happened - early December, my business bank got edgy and I moved banks and due to bad credit rating, and me failing to get another business account elsewhere, my eldest daughter took the business under her name with her bank.

I currently use one of her business bank accounts as my account.

What does all this mean - it's all so confusing and a great big mess.

Can anyone out there tell me anything to help me sleep at night. My mind is just racing all the time.

Thankyou
Dance

tight_jock

Hi Dance.


WOW you`ve had it tough recently but posting on these boards is the first step to a recovery. Well done

You have asked a lot of Q`s which I don`t have answers to - but if you re-post on the Bankruptcy and Supporters Club there are some really good guys on there who will be able to help you.

What I would say is that the solicitors advice is only one option

Hang on in there

x
TJ