Bankruptcy and expenses help

Nikki2070

So bankruptcy has been on the cards for a while now. 

I’ll start at the beginning. I made cakes for a living and back in 2019 I decided to buy a business so that I could sell supplies, make cakes and even have a little coffee/cake shop, all incorporated. The lady I bought the business from had everything in ordered. Had it all checked and I went ahead and got a business loan. I was the guarantor. Fast forward a month or two and the business was making next to nothing. Turned out this lady had fleeced me. She was up to her eyeballs in debt and I was her way out. How she fiddled it I’ll never know. Even my accountant couldn’t fathom it. The shop I was leasing turned out to be a disaster and was in disrepair, that was never uncovered till this all happened. The building was unsafe and I was stuck in a mess that I couldn’t fix. Then Covid hit.  I had my own bits and pieces, car on finance, loans overdrafts. Everything I could manage till this. I had to leave the business and trying to work from home didn’t cut it. I lost the plot with it and refused to pay anyone. I tried on and off to get on top of it but things have just gotten worse. Then in 2022 we had a house fire and lost everything so from that, living in hostels b&bs I had no business. I started working in a school which helped my mental health massively with all this going on, then my dad died. Things have been so hard over time and I’ve buried my head for so long. I’ve gone through everything and spoken to the national debt line. just before this was about to go into an Iva so I didn’t lose my car but their terms were ridiculous so I’ve paid the bankruptcy fee and I got rid of my finance car. I have a car that’s worth about 500. I need my car as my daughter has cystic fibrosis amongst other things and had a lot of medical needs and appointments etc. I’ve been so worried about submitting my forms because I don’t think they will accept my income and expenses. I’ve tried to do what I can. As I said I had help from the national debt line but when filling out a SoA on here I feel like I’ve done it wrong, or not done enough to BBC over myself or put things that they won’t accept. 

Can someone please help me. I’m not even sure how to post a SoA.
I need to get my life back on track and finally start again. It’s a massive weight hanging over me and I can’t continue like this anymore.
sorry for such a long post but thank you if you took the time to read it.
Nicola x

thara1996

Nikki2070 said:

So bankruptcy has been on the cards for a while now. 

I’ll start at the beginning. I made cakes for a living and back in 2019 I decided to buy a business so that I could sell supplies, make cakes and even have a little coffee/cake shop, all incorporated. The lady I bought the business from had everything in ordered. Had it all checked and I went ahead and got a business loan. I was the guarantor. Fast forward a month or two and the business was making next to nothing. Turned out this lady had fleeced me. She was up to her eyeballs in debt and I was her way out. How she fiddled it I’ll never know. Even my accountant couldn’t fathom it. The shop I was leasing turned out to be a disaster and was in disrepair, that was never uncovered till this all happened. The building was unsafe and I was stuck in a mess that I couldn’t fix. Then Covid hit.  I had my own bits and pieces, car on finance, loans overdrafts. Everything I could manage till this. I had to leave the business and trying to work from home didn’t cut it. I lost the plot with it and refused to pay anyone. I tried on and off to get on top of it but things have just gotten worse. Then in 2022 we had a house fire and lost everything so from that, living in hostels b&bs I had no business. I started working in a school which helped my mental health massively with all this going on, then my dad died. Things have been so hard over time and I’ve buried my head for so long. I’ve gone through everything and spoken to the national debt line. just before this was about to go into an Iva so I didn’t lose my car but their terms were ridiculous so I’ve paid the bankruptcy fee and I got rid of my finance car. I have a car that’s worth about 500. I need my car as my daughter has cystic fibrosis amongst other things and had a lot of medical needs and appointments etc. I’ve been so worried about submitting my forms because I don’t think they will accept my income and expenses. I’ve tried to do what I can. As I said I had help from the national debt line but when filling out a SoA on here I feel like I’ve done it wrong, or not done enough to BBC over myself or put things that they won’t accept. 

Can someone please help me. I’m not even sure how to post a SoA.
I need to get my life back on track and finally start again. It’s a massive weight hanging over me and I can’t continue like this anymore.
sorry for such a long post but thank you if you took the time to read it.
Nicola x

Heya. 

This is my advice. Ask for help in order to progress forward here. Citizens Advice can help you to find a way out of the extreme debt too. Call up or email them first thing in the morning. If you can, start looking now at a few cheap flats in question. Best wishes. You can do this. Consider renting as well. In terms of finding food, staff who are working at a local food bank can assist you with that. Start there. It ultimately does you no harm to ask. 

See what other folks have to say. Talk to a financial advisor in addition. Perhaps you can start making a few different tasty cakes and biscuits again. Find ways to earn a living as far as possible for now. Make some brief summary notes. You cannot carry living in a hostel. Form a long term plan. A small flat is much better than a hard life out on the streets. Seriously. You have many options. You are in my prayers. 

Nikki2070

Thank you for replying, sorry I forgot add we’ve moved into temporary accommodation for the moment until we can finally find somewhere. I am still currently working in a school so okay with that for now and they are very supportive. Things will get easier once I find a permanent home but my main focus at the moment is just getting this bankruptcy sorting and submitting it. How do I attach a SoA

Nikki2070

I have worked out how to submit it 

JadedAngel88

What are the debts you have?

Are any business debt and have you spoken to business debt line. 

I'm not sure on the figures in budget, hopefully @sourcrates or @fatbelly will peruse over them and tell you if they will be accepted for the bankruptcy. 

Would a dro be more suitable or are the debts above 30k or you have more than £75 left over in the budget, it doesn't say what's leftover.

Oh and breathe, nothing will happen quickly re the debts. Best to make sure you have helpful advice to take the right action for these debts.

RAS

Also look for Sikh temples that offer lagger, free meals. You need to remove your shoes at the temple entrance. Check out any other local requirements as different branches have different expectations.

And check local pay as you feel cafes.

Neither will house you but both could reduce your other costs so you can save for a deposit on a standard tenancy.

Nikki2070

Thank you, none of the debts are business ones, it was an intended as a business loan but I was a personal guarantor for it if it failed.
I did the SoA and it said I had £2.98 left over.
I’ve attached my debts too xx

Nikki2070

I had to do it this was as it deleted all of my debts on the tool.

Nikki2070

I’ve just realised there must be a mistake because on the calculation is says my debts are £185k they are not. The ones on the last image from the bankruptcy application are correct xx

JadedAngel88

So the figures you have look OK to me. 

Did you fill them in on the stepchange website, It's either stepchange or nedcab where you put the numbers in and it will say if it's too high or low or suggest a figure. But as you are supporting 5, I can't see your bankruptcy being rejected as I don't think the amounts are too high. I was hoping FatBelly or Sourcrates would take a look but perhaps they are busy.

The only debt that worries me is the Kirklees Council, is that current rent arrears or old or council tax. If it's none of them then it will be fine, just if it's current then you can't add them to a bankruptcy, well you can but it can affect the tenacy.

The only other thing I will suggest is, I know you've spoken to National Debtline, but could you try stepchange just to get them to look over your figures, just for peace of mind really. Then if they say everything is ok then press that submit button and enjoy the relief. 

I went bankrupt in 2006, spent weeks literally living on the edge and when all was said and done it was nothing like I thought it was going to be. I just spent all that time worrying for nothing. I had to go to the court, sat outside the room and somebody came out and said ' It's all done, you can go now ' and I felt quite deflated. Although I don't know if it's like that now. I thinks it all done by telephone now. 

JCS1

What kind of credit is go car? Loan,Hire purchase, etc