I have around 45K debts (Mainly credit cards and loans) . All of these were built up 5 years ago or more. At this time i was working full time, married with one child and owning 2 houses (both motgaged)
6 years ago, I split from my wife. The divorce outcome was, shhe got the asstes, and I got ALL the debts.
I met someone new, remarried and obtained another job. I moved into her council house with nothing but a few clothes. I wrote to all my creditors with an income and expenditure showing approx £100 per month excess. This i paid pro rata to all my creditors
About 4 years ago i lost my job and claimed unemployment benefit. I wrote to ALL my creditors again explaining the situation and was making token payments of £1 per month to each of the creditors.
3 years ago, my wife started a business (her money set it up) The bank account obviously is in her name. I am the only employee and my wife isnt trained in the profession of the business. Until this year, there wasnt enough profit to justify me taking a wage, but since April this year I have been paid an annual wage of around £4500. During this time, the £1 token payments were still being made.
I now feel that it is time to take the BO route as I see absolutely no way of ever paying off my debts.
I am however, concerned that the business will be treated as mine as she has no training in the profession and I am the only employee (also i did not recieve a wage for the first 2 years) We claim WFTC (max rate) as we have 6 children (4 of which were from her previous relationship) and the total income is around £6k.
There is a car in the business (worth around £5k) . I am worried that the OR will treat the business as mine, close it down AND take the car.
Any advice / help would be appreciated.