I Lost a Lawsuit And Am Being Threatened With Bankruptcy

justice

Question Hi, I am in a big jam here. I was sued by a previous business partner of mine for some disputes we were having and they were awarded a judgment against me. They won the lawsuit. Now I owe them £100,000, and they are threatening to make me bankrupt. They know I own various […]

Is Bankruptcy Right For Me?

Question Hi Jon, I need some advice on what to do with £100,000 worth of debt. I owe £10,000 on credit cards, £5,000 on a car note, £3,000 on a personal loan, £5,000 to a friend who loaned me money, and the rest which is about £75,000 on a property that has a mortgage. I […]

What Is a Bankruptcy Restriction Order?

When someone goes bankrupt, an Official Receiver is appointed from the insolvency service to review the person going bankrupt’s finances. They will review their income and expenses, and also the accounts they are looking to discharge in the bankruptcy. Meaning no longer owe after being bankrupt. While a person is bankrupt, which is 12 months, […]

Can I Give Money To Someone Before I Go Bankrupt?

Question Jon, I need to go bankrupt, but first I am going to transfer £10,000 to my brother to hold onto, and I am transferring the property I jointly on with my wife into her name alone. There is some equity in the property, but we still have a small mortgage left to pay. The […]

How Can I Make Someone Bankrupt?

Question I have a question about how do I make someone bankrupt. They owe me in excess of £5,000, and I know they have a few properties. I did some work for them and they refuse to pay me as they say the work was not up to the standard they wanted. I need my […]

I Want To Go Bankrupt To Get a Fresh Start

Question Jon, I will give you an overview of my situation, and then also let you know my plans. I would just like a second opinion. I met my ex-wife at uni and were married and now have 2 children. My debts are as follows: 1 Credit card with a balance of about £3,000 A […]

I Need To Avoid Bankruptcy

Question Jon I am a serious situation and need some advice. My business has been down in part due to the pandemic and lock downs, but it also slowed prior to this. I am at the point I am not trading at all. I have a lot of debt, near £50,000, much of it was […]

Should I Go Bankrupt?

Question Hi Jon, I am currently in an IVA, but am struggling with the payments due to increased expenses. My gas and electricity have gone up when my tariff ended last month. I also am earning less as my shifts have been reduced. I am wondering if bankruptcy is not the best way for me […]

Will Going Bankrupt Affect Any Future Jobs?

Question Jon thanks for taking my question. My restaurant in London was forced to close due to the lock downs. There was no way we could the business going as we were a small company, just myself and my partner. We had 2 servers, and we just could not them on as there was no […]

How Do I Go Bankrupt?

Question I want to go bankrupt, but I do not know how to do this or what happens? Rog Answer Hi Rog, Without more information, it is difficult to advise if bankruptcy is your best option. Bankruptcy is a form of insolvency, and does affect your credit, just as all forms of insolvency can. However […]