bancrupt.

[mcauley]

hello, i am thinking of going bancrupt and looking for some advice. i cannot aford an iva and this looks like the only option left for me as my debts are so high. i am self employed but havent been working for a while, can i open a new account and then go bankrupt, or will they close it and take any money in it. the business is in my name, can i put it in my wifes name and carry on trading.

[Kathyan]

I know of someone who did this a long time ago. He owed �200k and he put the business in his wife's name, went bankrupt and they still run the same business today (still in her name).

[blueboris]

im sort of doing the same thing at the moment
clear your accounts of any money before you go,maybe even get an overdraft and use thier money to live on, you will still be able to trade just put the company in your wifes name they vant stop you from working, im sure im right in saying that you can have a bank account but ony to put money in to and no credit cards/loans ect, it only lasts for 12 mnths now tho, if you own anything of any value sell it to someone for a nominal fee so thatt they cant take it away from you, get some proper advice on it all be for e you go tho, there are some great free advice centers run by charities which can be found on the net just google it.

good luck.

[langholme]

I am also in this situation. I went to the CAB the other day and they advised me that bankruptcy was the very last option and that I should try and come to an arrangement with my creditors. I worked out that with what I could afford to pay it would take me about 15 years to clear my debts. It seems to me that bunkruptcy might clear your name and debts quicker. Also It matters wether or not you have assets. If you don't, like me' then you have got less to lose. I would like to get the thoughts of someone that has gone bankrupt. Do you or don't you!

[mcauley]

kathyan, thank you for that, i am in the process of doing it.

[mcauley]

blueboris/longholme.
very helpfull info thanks.
i have been in touch with a friend of mine he admitted going bust five years ago, he said about the same as you guys, i am abouit the same as LONGHOLME, it will take forever to pay my debts, so for me the only way out is BUST. as you have said you can still work and earn money and not have to pay it all out to others. i have been told that you must sit down and make a note of all the people you owe money to and how much, even down to �20 you might owe on your paper bill. take it to the county court, pay your money, and fill out the form, then they take care of it all, so if your creditors ring asking for money you tell them your bankrupt and the date you did it, and give them the you get when you handed in your forms. even a week later you can open a cash a/c but no credit cards, you must make sure you empty any accounts and put your money with someone else before you go bust. i dont own my house so that isnt a problem for me. i feel better already, i have been trying to sort this out for a year now and thats it i am doing it, so good luck guys and keep in touch. good luck. OH and langholme, go for it,