Finance Questions

Archive for the ‘Business Finance’ Category

Question: Can You file for bankruptcy but keep your home and car in the UK?

I have debts totalling nearly £25,000 and i think my only hope out of this as i have been struggling along for 9 months now is to file for bankruptcy. I work from home self employed and need my car for my business too so need to be sure i can keep both of these things or i would be out of a job too. I have 25 years left on the mortgage but because of house price falls there is now no equity in the house, i also have the car on finance and still have 3 years left of this.

Answer: I'll assume you live in England or Wales, if not then you'll need local advice.

Its all a matter of equity.

In bankruptcy all your assets (with a few exceptions) will become bankruptcy assets. This could include your house and car.

House: The OR does not want to make anyone homeless. They have 3 years from the date of the order to repossess your house and sell it. But that will be pointless if there is no equity - so they won't do it.]

If in the 3 years there is equity, you will be given the opportunity to sell your share of the equity to a third party (friend, or relative) and pay that money to the OR - obviously it would be best to do that as early on in the bankruptcy as you can.

Car: same thing with the car really, the HP company would get their share and any equity would go into your bankruptcy.

If the car is expensive, and could be sold and replaced with a cheaper model then you are usually expected to do that.

The OR certainly doesn't want you homeless and jobless, if you can maintain a job you will be able to pay something back towards your debts in an Income Payments Order which lasts 3 years.

There is plenty more information on debt and bankruptcy at www.talkaboutdebt.co.uk

European Business School London

Question: How to obtain finance for small business?

I have a small business and want obtain abaoaut Rs. 2 lacs for smoothly running it. I cannot complete bank formalities. What are the other avenues for getting this support?

Answer: IF YOU CANNOT GO FOR A BANK, TRY TO TAKE LOAN FROM YOUR FRIEND.

How to Finance A Business : Self-Financing a Small Business