www.iva.co.uk

Don't know where to start. Will try to be brief. Have a restaurant hat has flatlined. Nothing in reserve. NO CASH WHATSOEVER. Own a house with no equity and we are 5000 in arrears and about to break ANOTHER payment arrangment as things have not improved this month. Current income only the tax cedits and child tax credits and child benefit that we receive. House will have to go to litigation? About to file for own banruptcy. Should I try to rent a house privately now prior to bankruptcy and have accomodation lined up? Father has offered to pay deposit and first months rent...cant face prospect of going to a council estate as they are not very nice round here. Have a son in private school.......this is the ONLY thing I care about. No jobs lined up probably need to look into benefits temporarily. HEEEEEEEEEEEELP!!

Hi allgonetsup.....

im no expert by any means, however, im getting so many comments and so much useful and invaluable information from all here.

Its such a relief to know there are so many other people as i always felt i was 'on my own'

Anyway, im sure you will get the answers you want when an expert comes passing through.

Take care and we are all in this together

XX

Hi
Rent now and include your house in your list of creditors when you declare bankruptcy as there may be a shortfall.This will be captured along with your other unsecured creditors in bankruptcy.
Are you sure that the restuarant and house are no longer viable ?
Regards

Hey allgonetsup, welcome to the forum. I'm really sorry to hear about your restaurant. I sold my restaurant in August for similar reasons so I know what you're going through. You need a plan of action and the best person to help you is a professional. Please hang in there for a technical expert to advise you, but you really should talk to someone before deciding anything. X

Hi and welcome.

I am sorry to hear about your problems with your restaurant. One of the other forum experts can probably help you with that as she had similar problems.

If you are going to go bankrupt, I would try and rent now if you can.

As regards your son in private school, if you are bankrupt, I doubt you will be able to keep him there.

One of the technical experts will be along shortly to advise.

Thank you for that guys. I just dont know what will happen. I dont know how we will support ourselves or how much will be taken from any income we will have. The restaurant has debts to business rates is behind with the rent and wages - I just don't see how it is viable....we keep hoping it will improve but it just keeps getting worse - I dont understand it - great food lovely decor and service - cheap prices- the only one of its kind in the area. The house cannot be viable due to the arrears threats of litigation and the fact that once again we have nothing to give them this month. Will I be able to keep enough back from any income to pay for my sons school or will they not allow this?
I am just so ovewhelmed with worry I feel like driving off a clff and leaving my family the insurance............

Why do you say if I am bankrupt I wont be able to keep him there? Surely it will be a matter o priorities. I will go witout everything to send him there It is not the most expensive - works out at about £100 per week. ... Surely from allowable expenses for other things I can find this....I could do a car boot every sunday for goodness sake.. Please someone adise me on how I can keep him there. I dont care about osing the house or the business (well I do because a busy restaurant would solve everything!) I just cannot face taking him away from something he loves so dearly.

I don't know for definite, but with bankruptcy it is all down to what the OR will let you do, and I don't think private school would be allowed. I could be wrong though, and I am sure someone will put me right.

Why not look at the sister site to this


http://www.bankruptcyhelp.org.uk/

They should be able to advise you further.

Hey allgonetsup, I don't know how private school expenses work with BR so please wait for a BR expert to answer that for you. You will have certain allowances in BR and you will have some surplus income that you could fund it from but I really don't know what your allowances will be and whether you will be allowed to keep paying it. Is there any special reason why you want to keep him in that particular school? Don't panic just yet. Hang in there.

Thank you Jan I appreciate you taking the time to answer x

Hi the main reason want to keep him there is because he is so happy and doing so well. Think about it. His house will be gone His friens from home will be gone. His restaurant will be gone. I have to keep hi school and school friends there - the very idea of throwing him into a strange school here he knows no one on top of all of the other stress is just too much.

I hope I am wrong about the school, and I hope you manage to get things sorted out.

We've all been in that dark place and know how depressing it is when you can't find the way out.

You have found this forum, which is hopefully the first step towards the light. We are all here to support you. Keep posting and let us know how things go.

Will I have to tell the OR that my son goes to private school?? Couldnt I omit that or if I have to tell them could I not say that relatives are going to pay for it? If I can find the money I can give it to my dad and get him to pay the fees....it HAS to be 'doable'...

Allgonetsup, there are other options to bankruptcy but you really need to speak to an insolvency expert, they also deal with saving businesses so they may have some options that you have not thought of. I am NOT a technical expert but you could start with talking to either Melanie Giles or Paul Johns of Reviva, both who regularly post on here. As for the issue of the school fees, I really don't know. Someone will though so please keep posting and you will get some good advice. X

Thank you Jan - You are all very kind...sory if I sound pathetic over the school. It isnt posh or anything....it isnt a status symbol...I hate things like that...the place is only small and has a real family atmosphere. He is just SO happy there.