How will my business be affected?What should I do?

[Adam Davies]

Hi
If you personally go bankrupt you must include all assets and bank accounts.It will be upto the Official Receiver as to what happens to the stock in the shop[your share].You will also need to list your father as a creditor in both bankruptcy and an IVA.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[catswhiskers]

my dad gave me the money rather than lent me the money ( I now realise that I previously wrote that I borrowed it from him). Would I still have to list him as a creditor?

Someone told me that when I go bankrupt that I will have to switch all the utility bills into my partners name. Is this necessary as we aren't in debt with any of them?

[Adam Davies]

Hi
You do not have to put your father down as a creditor if it was a gift and utility bills will still be ok in your name.You may have to go onto a prepayment meter but that will be upto the utility company.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[jpj]

How can you be unemployed if you are running a business that you have a half share in and are working in???

[catswhiskers]

Well I only work in the shop 2 days a week. I used to have a pt job for the other days but had to leave. So I am looking for another pt job for the 3 days a week im not in the shop. I don't take any money from the shop as it's in its 1st year and is not yet in profit.

[Darren]

They will ask for old and current accounts, i suggest taking your name from that account or closing it, they may look at it "but" if its someone elses account by then along with your old shop (which is nothing to do with you now)they wont touch the dosh, if there is loads of cash in it when they look they could freeze it until they are happy its not yours....best get your name taken off especailly if you have debit card with it as they will advise hsbc you are going bankrupt if you havnt cancelled (taken your name off) that account, so get your account and get your name off but you still will need to mention it in your BR petition, then where it mentions cash in account put joint account now closed, you could even close that account and get the person to start up another (possibility)(probably best if theres loadsa cash lol), p.s. the bank wont let you take your name off if you have overdraft unless its paid off 1st, no matter how hard you stamp your feet...i tried with my joint account with the wife....thats why i included it in my Bankruptcy...hope this helps and good luck....;0) p.s. Nationwide open bank accounts for BR i think there are more as well so dont worry about not having a bank account.

B word not as bad as you`d think ? (im gonna find out soon)Since found out and turned out great!!!

[Darren]

P.S. All my bills are direct debit now or pay them at the Post Office still in my name...no pre pay meters.....good luck any other help, i will keep my eye on your posts ok....

B word not as bad as you`d think ? (im gonna find out soon)Since found out and turned out great!!!

[Skippy]

Nationwide will no longer open bank accounts to undischarged bankrupts. The only high street banks to do this now are Barclays and the Co-op. Lloyds might be worth a try, as they generally allow people who are BR to keep their accounts providing they are not a creditor. I don't know how sympathetic they would be if you went in there as someone already BR though.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[Darren]

Sometimes catswhiskers you need to take the bull by the horns and do it, i had a business i sold to a friend, assets say i said (in your case) 1000 quid....i would sell it to him for as much as i could get (whatever he offered) just got to go im afraid...say £500 now im sure you would of spent this just on survival for a month, which isnt unrealistic at all, i dont want to push you into anything but the best path for me was bankruptcy and i worried like you at first, and its not bad at all, i look back and wonder what the hell i worried about...i can see you are unsure, and you seem like you have tried your hardest to get round this to no avail, take a night off and think to yourself what you should do, this was the last thing i wanted to do, but my only realistic option, you need to realise your credit history will be "not very good for 6 years"(you would probably be discharged from bankruptcy after 1 year so you can apply for credit but at a rate,i know someone discharged after 5 months) but ask yourself how long you will be struggling to pay these debts if you can manage (if at all) and your quality of life and your health, dont dwell to long. The Best of Happiness to you and your other half.

B word not as bad as you`d think ? (im gonna find out soon)Since found out and turned out great!!!