Questions you have before making a decision to go Bankrupt and the Bankruptcy process

Moderators: TalbotWoods, JaneClack

By kneedelp
#219113 hello again,please could someone explain to me,will it be myself and my husband who both file for br,we both have unsecured personal debts,no joint ones,or will it be my husbands small business?the business does not have any debts outstanding,if that makes sense?im just very confused and any help will be greatly appreciated.
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By JaneClack
#219116 If your husband is a sole trader then his business debts are his personal ones and if he goes bankrupt these will be included in HIS bankruptcy. People can trade whilst bankrupt as long as they inform people of the former business name when they went bankrupt.

If you need to get rid of your debts too and do not have the money to pay them off, then you too will need to file for bankruptcy yourself unless you we less than £15,000, you own no property, have a family car worth less than £1,000 and no surplus income of more than £50 per month and little chance of the income increasing. Then you could file for a debt relief order.