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| Barkerhill1 |
Posted - 08 August 2010 : 22:10:34
Hi there.
I owe about £3 million, leveraged against £1.5 million of property,(current value) and I also jointly took out property loans with a colleague who looks like he may go br. In that event I will aquire another £1.5 million, bringing my total to £4.5 million +.
I now run a small landscape business and have some items of plant and machinery which are essential to the running of my current business. Will these items be treated as exempt.
I think bankruptcy is the only way to get a fresh start otherwise my kids and their kids will still be paying it.
Should I use an insolvancy practitioner as it may be complicated for me to handle it myself. |
| 6 L A T E S T R E P L I E S (Newest First) |
| Bridgewood |
Posted - 09 August 2010 : 08:51:03
Hi Barkerhill1
As others have suggested - it would be wise to seek advice initially - it is usually free
Speak to more than one advisor if you're not sure - once you've got advice you can then decide whether you want to pay someone to assist you or not
Good luck
Bridgewood specialise in helping people deal with their debts and make the most of their financial situation - providing free, no obligation debt advice.
We can also setup a complete range of solutions including debt management plans, IVA and bankruptcy support. |
| Richard P |
Posted - 08 August 2010 : 22:55:45
sorry I have over typed you, its not just about filling in the forms it is about planning for the rest of your life.
if you cant pay the debt the numbers do not make a great deal of difference, but with any transaction you want to make it as smooth as possible.
regards Richard |
| Daniel Griffiths |
Posted - 08 August 2010 : 22:52:05
That is advice, available for free on this site, you could post your questions as they arrive. |
| Richard P |
Posted - 08 August 2010 : 22:51:58
Hi Baker hill
welcome to the forum
your scenario is / was not unlike my own from experience I can say that it does get very messy at the end especially if any of your mortgages are with Northern Rock.
yes you can petition yourself but you need to plan and prepare this properly or it could effect your landscape business.
with so many properties you could end up with one of teh creditors chasing you after BR has concluded
I would strongly suggest you and business partner make contact with Paul and his team at Reviva (one of the experts to the left). They will help you plan your way into bankruptcy. sort out the properties and get you and your kids the fresh start you desire
regards Richard
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| Barkerhill1 |
Posted - 08 August 2010 : 22:44:52
Thanks. I will look up the forms, although there may be complexities, such as pension, life insurance, current home mortgage etc. |
| Daniel Griffiths |
Posted - 08 August 2010 : 22:30:23
Hi Its the same set of forms for you as for anyone else, the amounts may be higher than average, why not look the forms first if you need help ask around and most importantly get an idea of what that will cost you fees differ a lot, with regard to your tools and equipment they are excempt providing they are not worth more than reasonable replacements |
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