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We will be applying for bankruptcy within the nest 30 days, I have personal debts amounting to £38k, I am self employed with very little work booked for 2011, I also have a limited company which has shown no profit or sales and technically has ceased trading for the last 12 months, this company has a bank account with an overdraft on it of 3K, if I go bankrupt will this ltd company debt go with the bankruptcy.
Also I took out on my step sons behalf an hp agreement for a motorcycle for him, this has been paid by him via standing order to my account for the last 18 months, it is his only means of transport to work, can I get this excluded from my bankruptcy order so he may carry on paying its full term (18months remaining).Many thanks for your quick reply to my earlier question, very helpfull.
If you have a serious debt problem, bankruptcy can free you from your debts within 12 months. As a solution for dealing with serious debt, bankruptcy is a last resort. Other debt solutions need to be explored first, to help determine if bankruptcy is the right debt solution for you.
Your financial affairs are put into the hands of an Official Receiver or Trustee, who will control all your assets - and if you own a property, this will also be included. These will be sold and the money used to pay as much as possible to your creditors.
There are consequences to bankruptcy which will affect your finances and work life. You may struggle to borrow money, for example, and will not be able to apply for certain jobs.
For some, bankruptcy is the right option and will put an end to pressure from creditors. Our team of experts are on hand to advise on the best solution to your debt problems - call now on 0800 002 9951.