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| gabriel |
Posted - 11 December 2008 : 11:29:17
I have made some poor financial and business decisions in the past year.
The upshot of all this is that I now have an off license business that is not viable.
My current debts are a personal loan form Nationwide for £15,000 which was taken to purchase the business. Also a Mortgage of £21,000 on my house, and credit Card debts of £5,000.
I am 51.
If I was to declare myself bankrupt would I lose my House because of the Non Mortgage debts ? |
| 7 L A T E S T R E P L I E S (Newest First) |
| pix1 |
Posted - 13 December 2008 : 17:02:43
gabriel,
HOLD YOUR HORSES!
Check other options before going down the bankruptcy route.
It sounds like you have a house worth £130k and total liabilities of £26k. You might be able to remortgage to get, say, 30k and use it to pay off what is owed. Of course, it also depends on the viability of your business. Perhaps if it is a bit of a bind you could see about selling it. If you can survice, say, 2 or 3 months that would give you time to refinance. It depends on the loan to value of your property and whether you can - or want to - take out borrowing on it to cover those liabilities.
Bankruptcy should not be done unless all other options are exhausted.
N.B. In particular, please bear in mind that you might lose your home if you go bankrupt, especially as there is seemingly plenty of equity in it. THe OR would probably take out 000's just for his own costs!
By the way, you've come to the right place if you have made poor financial and business decisions. I know all about that! |
| Reviva UK |
Posted - 13 December 2008 : 09:09:13
Hi Gabriel
welcome to the forum.
from what you have said technically you are not insolvent and bankruptcy is almost certainly not the solution for you diven your asset base.
However there are several things that you could consider.
I think the most important issues here are:-
1. would you like to maintain the business
2. what is your income level from this
3. why do you think it is not viable
4. without the business would you be able to earn a living elsewhere?
5. what is the level of stock
Fundamentally you need to talk to a professional before the situation gets out of hand. The longer you leave things potentially the worse the outcome will be.
If the buiness is not viable then there may be lease / rent / rates considerations etc. One would need to look at closing it down, while maximising the value for your stock and then getting a plan together to allow you to handle the creditors withour loosimg your home.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
| Needafriend |
Posted - 13 December 2008 : 09:06:12
You may even be able to go into an IVA or DMP rather than just looking at Bankruptcy.
Do you have any disposable income left per month after paying essential living costs?
Jo
x
18 Weeks down
34 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
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| Needafriend |
Posted - 13 December 2008 : 09:04:25
Hi Gabriel
You have considerable equity in your home so i would suggest giving the helpline a call on Monday and going through the options verbally with you.
It needs a bit more one to one and you need to get this right in order to save your home.
That number is 0800 078 9367, leave a name and a number and if they cant speak straight away they will get back to you.
Take care
Jo
x
18 Weeks down
34 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
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| gabriel |
Posted - 13 December 2008 : 09:01:37
quote:
Originally posted by Needafriend
Hi Gabriel
Welcome:-)
What is the value of your home? and also do you have any other assets.
Jo
x
18 Weeks down
34 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
My House Value is I Guess about 130,000 and I have a vehicle about £4000. |
| Needafriend |
Posted - 11 December 2008 : 13:56:07
Hi Gabriel
Welcome:-)
What is the value of your home? and also do you have any other assets.
Jo
x
18 Weeks down
34 to go
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
|
| rachellm |
Posted - 11 December 2008 : 13:20:14
Hi gabriel
I don't know anything about the mortgage side of things, but I would like to say that we also owned a business - one that we had to fund due to a customer of ours taking us for thousands & thousands of pounds, a situation we never recovered from but managed to leave us with debts mounting approx. £150K!! So I wanted to say don't feel bad about it, it can happen to anyone and its awful but we are taking one day at a time and little steps, finding this forum was a good place to start these steps!I'm sure you will get the appropriate answer soon. |
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