Hi i have decided to declare myself bankcrupt after one year trading as a sole trader in polish delicatessen. when i set up business I took 10,000 pounds loan plus about 3,000 inssurance which was mandatory in order to get 10,000. my repayment is about 18,000 pounds wchich i have repaid about 5,000 so far. I am now working in indepedent charity company linked to police. This is part time job and what i can get is about 400 pound per month, while my rent, all bills, expenditure is about 800 monthly. I was advised by CAB and we have written statement of my expenditure and it was sent to my creditors. I also was in my bank to explain situation and they said that they will call with the proper solution. I havent heard from then till now. My concern is that bank still keep charging me for unpaid loan payment as well as credit card company. I have assigned county court officer for 28th this month so i cant do anything till 28th. Next year I am going to get married in germany and move to Germany .... i dont know if this affect my bancruptcy or let me go there..... i dont have amoney for repayments. please help

I have put this thread on Business forum uk and got many helpfull advices, however i would like to ask professionals I quit from my business about 2 months ago because it didnt bring enough profit. It was set up on june 2007 as a sole trader basis. When it came to close the business down it turn out that i am unable to repay all loan. I was enquire about insolvency with regard to my loan repayment in CAB and they require a proof of my incom and a list of the "essential expenses" i.e, mortgage/rent, all the utility bills, food etc the problem is that i live in the house rent form agency but i am not on the agreement. i just simply rent one room not beeing bound with the agency. so i have no any utility bills signed for my name, althought i have to pay my part. After quit from business 2 months ago i got job but it will finish next month so i am in trouble now and dont know how to repay the loan. here are details of my loan as is writen on my agreement: Amount and purpose of loan 12,951,00 Main Loan (a) cash loan of 10,000,00 Insurance Loan (b) 2,951,00 Term 60 months Total amount payable 17,807,40 (includes 4,057,80 for insurance loan) 60 repayments of 296,79 comprising 229,16 main loan repayments and 67,63 insurance loan repayments . Shall I admit bancrupcy ? i dont really know how to cope with it... can i get the insurance amount back or what would u suggest i dont care about my credit file so maybe bankruptcy is the best idea... I also have found very usefull information how to claim Payment Protection Insurance and reclaim the charges put into my account during my history banking, i am just unsure how to discover disproprionate penaltys against me even if i will recieve list of the charges? please help!

I have put this thread on Business forum uk and got many helpfull advices, however i would like to ask professionals I quit from my business about 2 months ago because it didnt bring enough profit. It was set up on june 2007 as a sole trader basis. When it came to close the business down it turn out that i am unable to repay all loan. I was enquire about insolvency with regard to my loan repayment in CAB and they require a proof of my incom and a list of the "essential expenses" i.e, mortgage/rent, all the utility bills, food etc the problem is that i live in the house rent form agency but i am not on the agreement. i just simply rent one room not beeing bound with the agency. so i have no any utility bills signed for my name, althought i have to pay my part. After quit from business 2 months ago i got job but it will finish next month so i am in trouble now and dont know how to repay the loan. here are details of my loan as is writen on my agreement: Amount and purpose of loan 12,951,00 Main Loan (a) cash loan of 10,000,00 Insurance Loan (b) 2,951,00 Term 60 months Total amount payable 17,807,40 (includes 4,057,80 for insurance loan) 60 repayments of 296,79 comprising 229,16 main loan repayments and 67,63 insurance loan repayments . Shall I admit bancrupcy ? i dont really know how to cope with it... can i get the insurance amount back or what would u suggest i dont care about my credit file so maybe bankruptcy is the best idea... I also have found very usefull information how to claim Payment Protection Insurance and reclaim the charges put into my account during my history banking, i am just unsure how to discover disproprionate penaltys against me even if i will recieve list of the charges? please help!