I think i need to declare myself bankrupt!

[grahamk]

Hello I want to write a post about my personal circumstances in regard to debts that i have as a director of a company and personal debt. I think I have no options left and need to fold the company and declare myself bankrupt, i just want to make sure this is the right place to write all my information out?

And I really hope that someone can help me as this has been the most stressful past 6 months of my life hope some one can help.

[wales01man]

Re: I think i need to declare myself bankrupt!

I was a owner director of a ltd company with debts of over 40 k a large amount of this was personally guaranteed .
I also had personal debts of well over 30k separate from the company. I let the company be dissolved by companies house and walked away my personal debts were mortgage arrears so we lost the house.
This was over 4 years ago at the time I looked into bankruptcy and felt the cost of doing it over 700 QUID WAS NOT AFFORDABLE SO I DID NOT, Now I realise it was the best thing not to do im still in personal debt and except one debt im not being chased the business and its debts have gone.
After all this time life is better no worrying,
Think long and hard before making a decision and get some good advice it may or may not be right for you only you can decide

[grahamk]

Re: I think i need to declare myself bankrupt!

Well I hope someone can help me decided weather this is the best thing for me to do. Currently have approx 20k in personal and ltd company debt do not own a house or have anything of value at all, I am thinking of closing the shop and working from home but im worried that my work equipment and work van might be taken also the family car although this is not in my name but my wifes. We have 5 children one of which is disabled where is the best place to get good advice from?

[FlamingParrot]

Re: I think i need to declare myself bankrupt!

Bankruptcy is a big step and you have to look at all the alternatives first. You say you've got £20K worth of both personal and limited company debt. How much of that is personal? You may think it's a lot of money but there are people on here who owe over £100k and are not considering bankruptcy. I myself owe around £15k and wouldn't contemplate bankruptcy for that amount. :nono:

The whole point of a LIMITED company is to have limited liability as a director/owner/shareholder. The company's debts are not yours unless you have signed personal guarantees for them. I know people who liquidated companies with a lot more debt than what you mention and who are running other companies without having declared personal bankruptcy, which would have disqualified them from being directors for some time, until discharged.

It would help if you gave us a few more details regarding your debts, both personal and business ones, there may well be a suitable alternative. :thumb: