Can I please just confirm to make sure I get this correct. I hope Getoutofdebt can help because you gave me a glimmer of hope.
Situation is Me = Personal debt Partner = Personal debt and runs small sole trader business as subcontractor business has no debt and does not draw a wage.
We will fill in a set of forms each. Mine with my debts and normal outgoings. His with his debts and repeating same normal outgoings that I have put but he will put wage as 0 and my wage as contribution.
When it comes to self employeed part he will fill this in without stock as his is labour. His only bank account is his business account which owes nothing so is it correct that he does not list this on his form meaning he will not have any bank on his form. If this is correct does he verbally inform the OR during interview.
I had previously thought that if you go personally bankrupt then this would automatically include your business even if it is not in debt.
Also our telephone and car are through the business and car log book named under the business. Do we both put that we don't own a car but have use of one because the business owns it. (its nothing special only worth about 900.00) Sorry about mixture of questions - main one being is business left out of it if not owing or does not have enough balance to draw wage.
Hi Philtam, I stand corrected , But I belive that the bussiness will be included, But there is nothing stopping him from starting up again as a Sole Trader again,
I had previously thought that if you go personally bankrupt then this would automatically include your business even if it is not in debt.
Hi,
I thought that the business and personal BR could be separate i.e. your business could go BR but personally you wouldn't and vice versa but I am not 100% certain of this.
The best option would be to ask one of the experts by selecting the 'experts' link on the left hand side of the page to speak to one of the professionals that frequents this board. There are also website/telephone details of the experts there so you could always give one of them a call or fill out the 'Contact Me' form on the website.
Edited by - gettingoutofdebt on 28 May 2009 06:33:55
Hi gettingoutofDebt I think you may be getting cofused with a Limited company and sole traders. Sole traders are A Smith trading as AS windows, so the bussiness is you.
Personal Bankruptcy and Sole Trader
Posted - 27 May 2009 : 20:42:11
