You will not be able to omit the fees unless someone else will fund them for you. The OR will go through your income and expenditure with you and you will have to pay a percentage of any disposable income to an income payment agreement for 3 years. This might not leave you will any money for the fees. X
Hi
You could fund the fees out of your disposible income,depending on how much they were,so don't worry about that.The maximum that you would pay in bankruptcy would be 70% of your disposible income but more than likely alot less than that.
Regards
Thanks Viki. Are you saying that if someone else
ie my dad agreed to pay the school fees that I owuld not have to menton that my son is in private school as it would not be one of 'my' expenses?
Thanks in advane - again! x
the first thing and most important thing to remember is you need to be there for your son and you need a plan to get through the current difficulties.
It is absolutely usual that without a clear and defined path through these unchartered waters you will be frightened, worried to death, and will undoubtedly make mistakes because you have just so much to think about.
Home, Son, School, job, business,income, debts at home, debts at work, employees. impact on your dad, income payment agreement, mortgage company etc etc etc.
please seek some professional help so you can get a plan together - there may be a way of turning the business around - and at least with a plan you can prioritise what is really important and what needs to be done now and what can be done later.
This forum absolutely forbids any form of advertising in any form but I hope that the administrators will allow this post as I am worried about you saying that you want to drive off a cliff.
If you need to talk tonight I am available and willing to help you with a plan and answer all your questions re Br and check all the options available.
I just can't have you worried to death - life and family are far too important.
I can be reached by filling in the contact section on my web page
Last edited by Reviva UK on Sat Sep 20, 2008 7:49 pm, edited 1 time in total.
Paul Johns
Reviva UK
Assisted Bankruptcy Specialists www.revivauk.com
Please take Paul's offer. Believe me, you're family would much rather you be alive and in debt than not have you at all. Take it from one who knows. xx
I am so sorry you are feeling so awful. Please do not panic - a week ago I was feeling like ending it all (for insurance) then I stumbled across this forum - and what a relief - reading the posts and chatting to people has been a lifeline for me and my family.
We are about to complete the forms for BR and file within the next 10 days. Hopefully this time next week your worries will not feel so intense. They will still be there to be sorted but you will hopefully see a way forward. I am certain your family would rather have you than a house and a load of money.
Just wanted to say that we are all here for you. At the moment you really will be finding it difficult to see the woods for the trees, so it is all going to be very worrying and confusing and there will be lots of "what ifs". With a business involved I would strongly recommend you looking at speaking to an assisted bankruptcy professional who can help you to look at all options and angels ... so do give Paul a ring ... he really is lovely.
I am sure that there will be more than one option available to you, and therefore it is important that you explore all of them rather than picking the first one that comes along.
With regard to your son's education, of course you need to prioritise issues like this and if he is at a critical stage of his education - for example in his GSCE year - then this may well be allowed, or if someone else is going to fund the costs then this will not be affected by your bankrupptcy.
Have you explored the viability of the restauraunt as a going concern, and like Viki - is it worth trying to sell it rather than see it closed down under bankruptcy? Sometimes it just helps to have a chat with a professional to see what options there are available and I would encourage you to do this as a matter of urgency.
