so i own a business - sole trader - my business partner is my mum.
to cut the story short the once manageable debt is now unmanageable due to a slow down in business and we are falling behind on payments- owing a total of £60k to unsecured debts.
If we go bankrupt i have only just purchased my house so there is little or no equity - will they force my mum to sell her house as there is equity? dont feel its fair for her to pick up the full debt costs.
Is there any way to avoid this? we have emailed all companies to offer token payment but its tiny at the moment- we will be closing the business in Dec- once our lease is up so my mum who works full time in the business will be able to find paid work - so our payments will increase but at this moment we can not guarantee when this will happen or what money she will earn - its been 2 weeks and not heard back from some companies so have a suspicion they will decline offer and force us into bankruptcy. Obviously we would rather agree a figure and pay all debt back - we really can not loose our houses i have a 4 year old.
Any one managed with this level of debt to come to an agreement and not be forced into loosing home?