Running a business/bankruptcy

bookemdano

Hi all,
after years of fighting my debts and getting nowhere fast I have decided to take my head out of the sand and face my debts once and for all.
I have spoken to Stepchange and they have advised me that Bankruptcy is my best option.
I run a cleaning business and I work alone. I'm worried that if I go bankrupt my business will be shut down?
I have just printed off all the forms for filing for bankruptcy and my head is spinning.
Any help or dvice would be greatly appreciated.

CKhalvashi

Generally, as long as you're running a reasonably old vehicle it will be allowed to continue.

The OR should not shut a business down, where that would cause a possible disadvantage for creditors.

I'm involved in the taxi industry, and if a vehicle needs to be sold by a BR, more than the basic £1000 will be allowed for replacement vehicle (usually £4-5000) as vehicles need to be under a certain age to be plated; your circumstance is broadly similar, in that you're self-employed, as a 'one man band.'

CK

National_Debtline

Hello there, it's perfectly OK to kepe running a business - so long as you're not a director of (or inolved with the running of) a limited company. Your business, of course, would also need to be viable.

Hope this helps!

David @ National Debtline.