Sole Trader am I responsible for all debts

J

janeam

Guest
I have been a sole trader for seven years. my partner (now ex) was employed by me. The business is gone - has not traded since April. There are debts to suppliers. My only asset is my home - there is a mortgage on it. If I sell this which I am willing to do to get out of this mess, am I liable for all debts to suppliers, credit card company. Or do you think it is possible that an agreement to pay part will be acceptable. How do I move forward with this. The suppliers know what has happened. Do I get an accountant to initiate talks? mabs? or there are company which advertise on the internet but am unsure about these. I am just at the end - 54 years of age - did notexpect this to happen. Partner has just walked away and said these are your problems. House is in my name only I would be grateful for any advice. i am not working but am trying to find work - not easy. I cannot get welfare and at the moment am staying with friends. i have rented the house out because at least the mortgage will be paid which at the moment I am unable to do. thanks
 
Sorry to hear of your dilemma.

I think you are liable for all debts. Can you fill out the standard money makeover forum sheet as per other posts to give us idea as to value of house, amount remaining, paying per month, number of other loans and debts and duration on each. Then maybe be able to advise as to best course to take
 
Sorry to hear of your difficult situation.

janeam said:
I have been a sole trader for seven years. my partner (now ex) was employed by me.
Click to expand...

Not sure I understand this - the other person was either a partner or an employee - but can't have been both, surely?
 
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