I feel sceptical about some of the advice you say you have received. Not to dwell on it suffice to say you appear to have now concluded that bankruptcy is the best option for you and as the others have said the sooner you draw a line under this and move on the better.
If I may, a tip. Bear in mind that when you petition for bankruptcy you hand over control to the system. Where possible adopt a belt and braces approach. Before you present your petition, make a list of all the equipment you use and get it valued. Your car too, assuming you need it for business. The reason I say this is that whilst much of it will be exempt from the bankruptcy being necessary tools of your trade or equipment you use in your business the Official Receiver may want to realise some of them on one of the following grounds:
Excess value i.e they can be replaced by something cheaper or
Dual purpose, or it's just nice to have in the business rather than necessary, although this is rather less likely.
Be ready for the Official Receiver to want to address this issue and, if he does consider any of those items to be up for grabs this is an area where your parents can perhaps help you with some financial assistance.
Ian
Last edited by ianmillington on Thu Sep 04, 2008 10:04 am, edited 1 time in total.
Ian Millington
Insolvency Director
PDHL Ltd (formerly Personal Debt Helpline Ltd) www.pdhl.co.uk
