debts from a failed business and general advice

geeka

if i go bankrupt will these have to be added to my other unsecured debts and stated?
i've got about 27k worth of debt now and no equity in my house, to pay it back will take 16 years!! not earning large amounts. been through a debt management plan but im struggling to pay any of it off. i just think its the best option but im scared of doing it and when to do it. if anyone wants to pm me about what happened with them i'd really appreciate some advice.
thanks

tigerfeet2006

Your first port of call is to get professional advice as it is one of the things a judge will ask you. You can get this from BusinessDebtline. They offer a free service and will talk you through all your options.

http://www.bdl.org.uk/

Is your business sole trader or Ltd company?

geeka

ltd company BUT its rent that i signed for.

Debt_Free_Chick

geeka wrote: »

ltd company BUT its rent that i signed for.

Did you sign in your capacity as a director/officer on behalf of the company? Is the lease in the name of the company?

geeka

as a director, i think the lease was in the ltd company name.

Debt_Free_Chick

geeka wrote: »

as a director, i think the lease was in the ltd company name.

If the lease is in the name of the company, then it's the company's debt - not your personal debt.

Is the company still trading and unaffected by your bankruptcy?

geeka

it was an internet cafe and it has closed, i am about to wind up the ltd company and let companies house know. i need to look at the lease then and find out, even though i sent a letter giving my details it might not be valid.

fiveyearplan

Geeka - I'm in a very similar situation. Have you phone Business Debtline? They were quite helpful when I phoned them.

geeka

well ive spoken to cccs about my other debts but this rental debt has just appeared, my business partner wasnt keeping up with most bills. i'll get all the facts first and then ask them.
whats happened to you?>

fiveyearplan

My business was closed down last month, it was a limited company but the lease was in my (and husband's) personal name. I also took out a loan from Lloyds and I'm sure it was in my personal name so that will be going into the BR. I need to check the paperwork. I was advised by Business Debtline to write to my creditors (there aren't many just things like phone, elec etc.) and tell them the company is insolvent etc. Actually I haven't really had time to go through the pack that they sent me. I can only do one thing at a time and until I file my personal bankruptcy I can't seem to do anything with ltd co. I also owe PAYE for my staff (about £500) and business rates. I just got a letter Christmas Eve from the council re the rates and that is my most pressing thing to check where I stand on that issue - it is in the name of the ltd co. THis is all a nightmare and I'll be glad to get it all over with!

geeka

i've just had a letter from the local council sent to my home addres (they will have got it from companies house) and they are chasing up 950 quids worth of debt! the letter is not address to me but the ltd company name. what should i do, i'm not going to pay it but what should i send back? dont want to ignore it just in case.