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James.x
Starting Member
4 Posts |
 Posted - 19 February 2012 : 20:09:32
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| Hi there I am considering going bankrupt as my business debts are out of control to the tune of around £70,000. What do I need to consider before doing this? Will this affect my wife's credit rating and will they take my van from me? I intend to re establish my company soon after being made bankrupt do I need to change the company name. I was just trading as a sole trader? |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 19 February 2012 : 20:34:30
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Hi James,
If you have joint lending or savings, then your wife will be financially associated with you on the credit reference agencies so may affect her rating.
How much is the van worth?
No you don't need to change the name.
Have you taken advice? I suggest you contact an expert on here or visit the CAB to see whether bankruptcy is the best option for you.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
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James.x
Starting Member
4 Posts |
Posted - 20 February 2012 : 14:24:11
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I have not yet had any advice as such just from other people who have had the same troubles as me but will be doing so!
I went to the CAB but they don't want to know!
The van is worth about £6,000.00 so was tempted to sell it and get a cheaper one before going bankrupt, is that the right thing to do?
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 20 February 2012 : 16:03:37
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Hi James,
Yes, you can sell it and buy a cheaper one, but I really suggest you speak to an expert before you consider doing anything.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
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James.x
Starting Member
4 Posts |
Posted - 20 February 2012 : 16:08:28
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Is it essential that I sell it what will happen if I don't?
Who should I speak to?
Though I must add my mind is kind of made up!
james
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 20 February 2012 : 17:28:17
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Hi James,
The judge will ask if you've taken advice, so even if your mind is made up, I suggest you speak to an expert, you can contact one on here is you want.
The Official Receiver may take the vehicle and sell it, and give you an allowance to buy a cheaper van.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Please read my experience of debt via my blog at http://vikiw.blogs.iva.co.uk/ |
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James.x
Starting Member
4 Posts |
Posted - 20 February 2012 : 17:38:11
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I am going to take advice yes.
What happens with my tax registration for CIS
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Hi there I am considering going bankrupt
