I owe £35,000 to various suppliers, credit cards, and business loans, all of which I guaranteed for my company. The company has been placed into Administration as while we are still trading, we cannot afford the debts we have. I am thinking bankruptcy may be my only option here. However, I still need to work to earn a living. I am just exploring what my options are.
Without more details and information, it is difficult to advise you.
Bankruptcy may be an option, however, do you own any property or other assets? This could prove a problem if you were to go bankrupt.
If the company is a LTD company, and is in Administration, the Administrators may be looking at how to liquidate the company; if it has any assets. There always is the possibility of you or a group of people buying the company as a Phoenix Company. The real issue there is if you guaranteed the company’s debts, you will still be responsible for them.
I need more detailed information to advise you further. Get back to me and I’ll look more into your situation.