Handhold please - about to lose everything

[anonhandhold]

The business I run with DH is about to go under. We have personal guarantees on debts greater than the equity on our properties and personal debts from bailing out the company in recent months. We also have a 2 month old baby, so my earning potential is nothing compared to what it was. We don’t really have any savings but will probably get by for a couple of months.

Options on the table are try and start company again or get jobs. My preference would be to sod it anll and move to Europe for the simple life!

Would be grateful for a handhold / words of wisdom please ♥️

Why would it work if you started again - what would be different?
how would you fund Europe?
Are you ok? It’s a lot to be dealing with x

If I told you that you had to go out and get a job how would you feel about the loss of the business?

You need to face up to your responsibilities and find a sensible solution. Sure, it's hard and probably pretty dull and boring too.

Why do you think there won't be problems in Europe? It's not Narnia. This is probably the attitude that has got you in this mess in the first place.

Don't try and start the company again.

It has debts greater than the equity in your property and you've lost everything through trying to bail it out. And failing.

It's not a viable business. Try and find a job of some sort.

Get jobs
any job
both of you
Split shifts or something so you don’t need to pay for childcare
your business doesn’t sound viable so park that for now
savings will run out very quickly so ditch the pie in the sky idea about running away to Europe
face up to reality; prioritise getting employment and minimising your liabilities / debt

I would say find employment for now, regroup and think seriously about the viability of your business and how you can make changes to make it viable.

I do sympathise, our business suffered some years ago and we lost our house. It was very stressful but nobody died and we came through it. We don't have the big house anymore but we're solvent and the business is doing ok. Running away to Europe is probably not the answer.

Did you have any employees?

Sending a you a handhold. It’s a trauma that happened to us too. Went down the tube to the tune of £millions. Long time ago …. Mrs Thatcher era. I was young, DH older.

You will get through it. We lost absolutely everything including our beautiful home. If you can, get yourself a job and emotionally support one another. Keep your communications open. Don’t bottle your emotions. Look to diversify, network as much as you can. Life will never be the same but I promise you will come out the other side. My late DH and I are proof that yiu can.

This.

How would you fund 'the simple life' in Europe and why can't you do it where you live now?

Can you move to a cheaper part of the UK/whichever country you currently live in so you can reduce your outgoings and simplify your lifestyle without the added complication of dealing with a whole different language, culture, political and financial system etc?

Make sure your employees are all paid in full before you close up if you have any.

Then get jobs.

I think you need to get jobs I’m afraid. One or both of you and work round providing childcare.

OP, with a 2 month old please don’t rush back into work straight away of it’s possible. That can be a plan but now you have yourself and a very small baby to prioritise. How are you doing emotionally? Will you have somewhere to live?

No real advice, but here’s a hand-hold

No real advice but just wanted to send hugs and handholds x

Tbf, I don’t think Narnia was exactly problem free!

Sending you a handhold.

I'd fuck off to Europe. Go for it.

What about fucking off to Europe in a motorhome? The other suggestions sound like a prison sentence.

Get some very good debt advice you might be surprised what's salvageable.

Make sure you have read this just in case

https://www.forbesburton.com/lp14?gad_source=1&gbraid=0AAAAADk4fil0VxgXmouixw3uLuuw-aIY6&gclid=CjwKCAjw3P-2BhAEEiwA3yPhwG1XCFk5HX2PYT_mrDkcr2jrGiCREU6ihjS_ORHewB_uOmS7SusiTRoCDuwQAvD_BwE

dissolution saved me

I’m n

I’m not sure what any of your op means… are you protected or not? How much do you stand to lose? How much did you put in in the first place and where did it come from?

@anonhandhold what's going on?

My husband lost his mother 3 weeks before our first child was born. He was made redundant when our baby was 1 week old. Our business went bust 2 months later. My husband was really struggling with depression at that point. I chose to prioritise the baby and refused to seek work (not that it was expected of me by the job centre). When our savings ran out we went on benefits where we stayed for a few years. I then retained and I am now in a 40% tax bracket. It took me over 10 years to stop seeing my business in my dreams. (It was always a beautiful well run business in my dreams). No one expects to get divorced on their wedding day just as no one expects for their business to fail. But the vast majority of businesses fail, it's a fact of life. You gained lots of transferable skills. I suggest you rent a cheap place in a nice part of town where you would like to settle down with your child and then go on benefits. Then regroup and decide what you want to do next. You and your husband do have a future even though you are finding it hard to believe it at present. Life doesn't always go in a straight line. Look after each other, try being partners rather than 2 people parenting together. There is a high probability your husband will develop depression. Men often judge their worth in providing for the family. Depression in men often manifests as anger, be mindful of that. Try to avoid going bankrupt as it would have implications for get a mortgage in the future. It took us over 10 years to recover financially. However we did become home owners 13 years after the loss of the business. Business has certainly been the worst financial decision of our lives. However we haven't been the first and clearly not the last in followingourdreams. Shit happens. Please don't despair, it's possible to recover from this calamity. Please consider getting some counselling. There is a stigma against people who fail in business even though business people are bravest people of all. I hope it helps