22 Mar 2015

A question about : Self-employed and bankruptcy help please!

Hi all,

After some thought, it seems like bankruptcy is probably my only option.

However, there are a few factors I wanted some help/clarification on if anyone can help please!

First - I am self employed sole trader. The business is not doing very well though. Ideally I'd like to keep trading after the bankruptcy. Is this possible? It's a retail business so there isn't much credit involved.

Second - my husband owns our house and car. The mortgage and deeds are both in his sole name. He pays for everything (mainly because my business doesn't earn enough for me to be able to keep on top of my debts AND pay towards household). There is about Ј37k equity in the house. The car is worth maybe Ј1k. How will my going bankrupt affect the house/car and him?

That's it actually. Thanks so much to anyone who reads and helps.

Best answers:

  • You need specialist advice on the house; even if you are not ont he deeds the OR may make the decision that you have a benefical interest and ask your OH to release up to half the capital towards the bankruptcy.
    Speak to NDL or Stepchange