Sole trader

jcarver007

Hi,
looking for advice on following:

Once made bankrupt, how long would i have to make payments for?
As a sole trader what would they need to know about the business? Is it outgoings, sales and what i pay myself?
If I have splashed out on a few meals out and a holiday prior to bankruptcy, is this viewed badly by OR?
What have been the experience of other sole traders in continuing in business after bancruptcy? What happens to profit made during and after the year of bankruptcy?
Ive taken on an additional job but still find it a struggle and my business income fluctuates greatly. Does the OR understand this can happen?

My Monthly Salary = £1860
What i pay myself from business = £1459

My outgoings = £2640.62

Money owed to:

Orange mobile = ££2524.62
HSBC Business loan = £21992.09
HSBC current account = £2036.90
IDEM (MBNA) = £6065
Wescott Credit Services,
(Nationwide credit card) = £1830.33
HMRC = £6130

Total = £40578.94

thanks

Cobalt77

jcarver007 wrote: »

Hi,
looking for advice on following:

Once made bankrupt, how long would i have to make payments for?
If you have surplus income, you would probably end up with an IPA for 3 years.
As a sole trader what would they need to know about the business? Is it outgoings, sales and what i pay myself?
Everything. Turnover, outgoings, assets, stock. The works.
If I have splashed out on a few meals out and a holiday prior to bankruptcy, is this viewed badly by OR?
It may be. It depends how much you "splashed out", and how nice your OR is.
What have been the experience of other sole traders in continuing in business after bancruptcy? What happens to profit made during and after the year of bankruptcy?
Any surplus/profit you make over your basic living costs gets paid to your creditors for the next 3 years.
Ive taken on an additional job but still find it a struggle and my business income fluctuates greatly. Does the OR understand this can happen?
Yes.

My Monthly Salary = £1860
What i pay myself from business = £1459

My outgoings = £2640.62

Money owed to:

Orange mobile = ££2524.62
HSBC Business loan = £21992.09
HSBC current account = £2036.90
IDEM (MBNA) = £6065
Wescott Credit Services,
(Nationwide credit card) = £1830.33
HMRC = £6130

Total = £40578.94

thanks

Hope that helps