Dealing with the Official Assignee - Some questions!

[Gyroscope]

For 6 years I've fought this and I can't do it any longer. My health has deteriorated, I've been depressed for a long time and I'm getting too old to be carrying this kind of debt and pressure.

So I'm going to go bankrupt!

My situation is.... I had a property where I used to live - I had rented out but the bank took that last year - they said it wasn't my principal property even though I don't own any other property. It was in negative equity and there was a short fall of approx 200k - the receiver hasn't communicated with me at all about the sale. When the property went all my furniture also went. The tenant was a really nice guy so I said that he could use the furniture until he found another place but the receiver sold it out from under him.

I was married a few years ago and my wife had her own house where we now live - It's her house in her name which she had before we met!

When my business when bust in 2009, I had a personal guarantee against a loan of about 80k which I tried to service until I couldn't any more. There are a few other smaller debts from the business - credit card, rates etc

I'm self employed and last year I made net of 8k

My questions...

When I got bankrupt how will the assignee treat my wife's home - can he come and take an inventory of her house.

My wife gave me money to buy a vehicle, ( over the years she's given me lots of money to buy things for the business ) it's in her name under a company that she set up - I did this because I knew in my heart that this couldn't go on and I didn't want her to loose her money if I go bust. Will he want this?

My wife covers a lot of our living expenses including the mortgage - how will the OA figure out my living expenses?

As I'm self-employed how much detail of accounts going forward will he need. If I have to start paying accountants and getting detailed accounts certified it's another expense.

As I'm a sole trader, I trade under a business name. Can I still trade under a business name? Must I change it to my own name - the problem is the business name is where my work comes from!

As I make so little am I likely to have a payment order beyond the 1 year

I will go an talk to a PIP - right now I'm just trying to get my head around all of this so I can explain all of this to my wife.

Thank you for reading this - Any answers would be really appreciated!

 

[Brendan Burgess]

Your wife's affairs and assets are completely separate. If she owns a car which you drive, they can't take that. But even if the car were in your name, I don't think that the OA would take it, if you needed it for your business.

It seems clear to me that you should be going bankrupt immediately. Sure go to a PIP and get a certificate that a PIA wouldn't apply to you.

Do it quickly before business picks up and the PIP starts investigating a PIA.

Brendan

 

[Gyroscope]

Thanks Brendan,

Business is seasonal so the likelihood of an increase is low. Any information on the above would be really appreciated.

Does anyone know will my wifes income be taken into effect when I try to establish a RLE or will it be split 50:50?

 

[TLO]

An income of 8k a year is less than Job Seekers Allowance. Very unlikely that the OR will try to put an IPA in place. Not sure about continuing to trade under a business name, I seem to remember something about only being able to trade under your own name.

It might be an idea to stop trading for a year, for "health reasons", and try to get on social welfare. It will make the bankruptcy process simpler. And once you are discharged you can open the throttle again.

Also, give your wife a big hug! Both spouses being on the same page makes sorting out insolvent situations a lot easier.

 

[Gyroscope]

Thanks TLO for your thoughts. Unfortunately I need the income as I'm not entitled to any support from job seekers etc as my wife's income is just above the threshold for me to qualify plus self-employed doesn't really help the matter.

As for my wife... I wouldn't have made it this far without her so there's always lots of hugs...