Author Topic: Bankruptcy following business closure- 2 questions  (Read 24477 times)

jar85

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Bankruptcy following business closure- 2 questions
« on: Jul 01, 2014, 08:14:37 AM »
Dear all, [/size]I ceased trading a few months ago following a serious of devastating blows on my business. I notified creditors and also advised that I could not afford a liquidator. There are two debts which were guaranteed by me as director of this Ltd Co.


The closure has also left me without income and with very high debts on cards, phones, etc, to pay. I have successfully negotiated a very small token repayment plan with each of these. I have been contemplating bankruptcy, especially since the £40k or so I guaranteed would be a crippling debt to service into the future, especially with a young family.


 I wanted to present two primary concerns with bankruptcy:


1) The mortgage is in my wife's name and she owns the property. I have made monthly contributions (1/2) into her account. She then pays her parents who are named on the other half of the mortgage. Their account is debited by the mortgage company. I hold no equity. I didn't contribute to the deposit, either. I am concerned about beneficial interest. An IP did advise it was very unlikely they would be interested, however.


2) I hold a joint account with my wife which is overdrawn. I am concerned that if I go bankrupt, this will affect her credit rating and therefore our chances of getting another mortgage. We're expecting, and wanted to move out of our flat since my wife has some savings purposefully to purchase a slightly larger property for this purpose.


The mortgage arrangement with her and her parents would remain unchanged.My sentiments are that I am more than happy to go bankrupt once I have raised the funds I need to file.


 I am likely going to be self employed earning very little if anything for the first year or two. I do not want any more credit. I am trying to look out for my wife, and support her and maintain her score. Any input on the above would be greatly appreciated, and very gratefully received. Thank you!

pickledpepper

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Re: Bankruptcy following business closure- 2 questions
« Reply #1 on: Oct 28, 2014, 10:55:40 PM »
Hello Jar
Did you not get an answer to these two questions ? Did you find a solution some other way ? I am keen to know the outcome. Do post here what happened. Regards Peter