Bankruptcy self employed

Smartguy2207

Hi,
After Iva rejected by one creditor, I applied bankruptcy and approved few days ago,
I am self employed, small business, helping me a lot and contribute my expenses everyday living and priority bill.

Yesterday OR called and asked few questions, she was quiet not helpful and told you might need to close trading. And I am too far from you, I will ask local OR to take over. I got worried as I have no business debts, all bills updated, and lot of help, if they close my business I will be in more trouble and stress. Already I am in financial stress.

Then local adviser of OR called, she was quiet polite but she said OR is on holidays, so will call you tomorrow. But will discuss more tomorrow with OR. And might send agents to value assets, I told her not much only my tools and broken items. But waiting today again but still no contact.

I spoke to business landlord and she has no problem to continue after bankrupt.

I thought bankruptcy was last option, and everyone recommended, help from business debtline.

Did not sleep last night, so thought to get some advice here, please, got young children and rented house, no property or assets.

National_Debtline

Hi there and welcome to the forum


Are you self employed as a sole trader or a limited company? If you are a limited company you cannot continue be the director, but if you are a sole trader you can usually carry on trading.


Try not to worry until you've talked things through with the OR. I'd also advise you to get back in touch with Business Debtline who can offer you more advice.


Susie
@natdebtline

Smartguy2207

I am sole trader,
Thanks for relieving lil stress, will wait and discuss with OR

Smartguy2207

Sorted, thanks business debtline, great help, continue trading, very polite OR, understand my situation.

Thanks for forum, always help relieves stress, now finally I feel better after long time, but will co operate fully with OR in future.