I need some help as I am worried about going bankrupt. I have attempted to go into an IVA last year and it was finally accepted by my creditors in November. However, what I could afford and what they needed me to pay were completely different. It was through a subsidary of Thomas Charles, a company called Philip Gill & Co who deal with business recovery and insolvency.

I run a small party shop but my debts occurred from a breakdown of my marriage. As I am in business with my new partner, can I still go bankrupt and not effect her?

Hi Carrera,

Thanks for joining the site - its taken you ages to finally register.

I am please that your Plan is working for you. Keep the site posted with what you are going through as there are plenty of others who need to hear that there is light at the end of the tunnel

A problem shared is a problem halfed...........

Keep up the hard work, you know you make some luck yourself.

Hello  and welcome to the the site.

The idea of going bankrupt may sound appealing, as there is an opportunity to write off all your debts.

OK you may write off all your debts, but you may loose even more than you or someone else may be expecting.

If you have left your ex partner recently, were you a joint property owner? How was the property dealt with on seperation?

What is your current car worth?

What other assets do you have?

Your current lease, are there any clauses that mention bankruptcy?

I would also suggest doing a full Income & Expenditure (see link). You will then have a much clearer picture of what to do.

Sometimes it is better not to rush into a bankruptcy as this too could cost you much more than you eve thought. If you are getting shed loads of pressure, then maybe a Debt Management Plan is sensible for the short term, whilst you sort other important issues out.

I forgot to include the contact for any future car leasing you may need

His name is Graham Jones and his contact details are located in our 'About Us' section

I would suggest that you send it to info(at)ridingtherhino.co.uk

For anti spam purposes - Please remove (at) and replace with the @ sign.

We will then read through it and pass it onto who we would consider to be the best solution providers for you.

I would also be interested to know how your business is set-up? As there may be a knock on effect if you do go BR.

When you petition for your own bankruptcy, you are quite right, it is your own personal debts that will be taken into account. Unless of course you also file for the effective winding-up of your business, if you feel that the business is not viable to continue trading.

If you decide that the business is not running as effectively as it should, please be assured that there is always something that can be traded/saved or turned around.

We have active members on this site who deal with the buying and selling of business. Sunbelt business Brokers, I believe, are also in the process of managing business in readiness to sell.

If you decide that the business is doing well and that it is purely your personal debt thats holding you back, there is a contact to help you create that positive mindset and achieve those business goals. The Wellman Partnership aids you in achieving those goals.

Please look at our 'About Us' section for more details. I'll forward this post to them so you could potentially discuss the way forward.

Hello TMTB,

Thank you for e-mailing us your income & expenditure. After reviewing the situation, you are correct in saying that you are insolvent and have no way of repaying your debts. I know this sounds scary but please be assured that bankruptcy is not as bad as it seems. The word frightenes many people however you will need to overcome the stigma - it is only a word afterall!

The impact on your business should not be too overwhelming. The courts are dealing with your insolvency and not the business as you want to continue trading.

I go go through the whole banruptcy process with you from the form fillinf of the statement of affairs right down to what the judge could potentially ask you.

Please be assured you are not alone. There are plenty of people in your siutation through no fault of their own. What you need to concentrate on is making sure you keep your business up and running and make it successful. Banruptcy allows a fresh start for people like you.

Since  the Enterprise Act in 2002, there have been immense changes - it is a serious matter but bankruptcy meand you start afresh again and give the opportinuty to individuals and any budding entrepeneurs to continue ans start a business again.

Honestly, yes - it used to be a horrible thing you had to go throuhg, you lose your house, job, car, have your furniture taken and creditors come after you. GOOD NEWS! If you use bankruptcy wisely you will be debt and worry free!

You do not lose your possessions, you don't necessarily have to lose your home or car and you are discharged within 12 months. Yes, there are restrictions but thats why this site has been created is to help advise individuals on the way forward. Everyone has unique circumstances and should be created as such.