Shall we go bankrupt?

PIPESHACK

First time on a Forum, and not sure if i'm in the right place.

My husband and i had a company which recently became insolvent. There is a £300,0000 charge over our property for the bank overdraft for the company, of which there is £265,000 outstanding. Our company assets have been sold, raising around £230,000. There are a few outstanding invoices, and many retentions amounting to around £60,000 due within the next 18 months, so hopefully this will clear the account.
We personally have £150,000 in personal guarantees on company cars and equipement. Of this, £50,000 was on personal credit cards and unsecured loans which we used to keep the business going. We have a small second home which is up for sale and will hopefully raise £50,000. We are trying to set up another company on a much smaller scale, but as our mortgage is £3,500 a month, and with utility bills also to pay, there won't be much left over. I cannot work due to disability and receive benefits for this. Our home is a farm with offices on it for a business, and for us to keep our work equipment, so we don't really want to lose our home, as we would have to pay rent out on finding another office and a compound for our equipment. We just don't know which way to turn, and to try to offer a full and final payment to some of the creditors. Any help would be greatly appreciated.

Rosey321

Hi Pipeshack

It's the right forum but you need to post a new thread from scratch. I would cut and paste the one that you have done here. You'll find then you should get loads of advice from lots of nice people in the know!!

Having your own thread is best too so you can keep updating it as things happen.

I wish you all the best and I'm sure you'll get all the guidance and support that you need.