Question

I believe I need to go bankrupt. I have done some research on your web site, and also on others. I owe £50,000 plus from a failed business, I have no real assets in my name, I live with my partner, and he is not on any of the loans, and I am not on his property. I have lived here 3 years, but in no way paid for anything here. My partner paid for everything as I was struggling to build a business that as I said has failed. How do I go bankrupt?

Tom

Answer

Tom,

It sounds as though you have done your homework and bankruptcy may be an option.

Are you working at all, earning any wages? Do you think your financial situation may improve to be able to repay the debts?

I know it seems like a stretch, but your could just make token payments for a period of time if you think you maybe in a better position to repay the debts in a relative short period of time.

Depending on the nature of the business, did it have any assets that could be sold to offer settlements on the debts?

The process of Bankruptcy itself is fairly straightforward. You can file online, pay the fees, an OR/Official Receiver is appointed to go over your finances, and see if you can afford to pay anything into the bankruptcy, and in most instances after 12 months, the Bankruptcy is discharged, and you are debt free.

Think about the questions I asked and if you want, get a second opinion from one of the free debt help agencies.

Regards,

Jon

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