worried about hubby

[funkylady]

my hubby works for himself he has an overdraft for 15,000 he has machinery worth 60,000 but with current downturn would be lucky if he gets 30,000 but he owes 50,000 on it,work is very scarce ,he is sick with worry ,is bankrupcy an option we have a house worth 300,000 a morgage of 140000 ,any advice please, i work ft i have three children

 

[ClubMan]

worried about hubby

Is he operating as a sole trader or a limited company? Does he have an accountant to ask for advice on this situation and the possibility of bankruptcy etc.?

 

[Dachshund]

The Court Service have a good page on bankruptcy.

In Ireland it is not an easy option. Everything is taken over by the Official Assignee including the family home:

"The bankrupt's interest in the family home vests in the Official Assignee as with all other property. However the Official Assignee may not sell the family home without obtaining permission from the High Court. Where the Official Assignee seeks this permission, the High Court may postpone the sale of the family home having regard to the interests of the creditors and of any spouse and dependants of the bankrupt."

You can work and trade under your own name but any income you earn apart from what is needed to support you and your family may go towards your debts. You cannot get credit of more than €650.00 without disclosing your bankruptcy.

Unlike England where bankruptcy is limited to 12 years in Ireland you remain a bankrupt even after death unless discharged by the Courts.

"How long does bankruptcy last?
Anyone who is made a bankrupt remains a bankrupt, even after death, unless or until they are discharged by the High Court. There is no right to automatic discharge."