Bankrupt posibilaty and help...

Discussion in 'Growing and Managing a Business' started by predbites, Mar 10, 2014.

  1. predbites

    predbites
    uix_expand uix_collapse
    New Member

    Joined:
    Mar 10, 2014
    Messages:
    1
    Likes Received:
    0
    Hey guys, I was wondering if someone here would be able to help me with some advise?

    I started my own business (a video game business) in June last year. I got a business loan ($5k) as well as a hire purchase for the equipment and we created out first game that was released by the end of last year. I had a problem with the release and cutting a long story short, it isn't selling and has make no money. I have tried every way to raise more money but it's really not happening and I am now out of money completely.

    I am having to accept now that I may have to declare bankrupt but when I looked into it, it said I will have to pay around £600 to do so but I don't understand, I have no money so how am I supposed to pay this?

    I have heard about receivership & administration as well but I am not sure i I can do any or if they will help.
    Basicly, I have no belongings or money, I owe a large amount to different people (actual loans, not just borrowing from friends), Can I declare bankrupt? What would you advice?
     
  2. Changed Creation

    Changed Creation
    uix_expand uix_collapse
    Premium Member
    Premium Member

    Joined:
    Sep 3, 2013
    Messages:
    153
    Likes Received:
    66
    Hi Predbites
    I know what I am replying with now is probably so superficial and short, but in this moment know that you not alone. Many of us here at BAF have stood where you are standing and remember that experience, the agonizing gut wrenching feeling of a business out of control, all too well. In this moment I can't say much other than hang on there. Whatever choices you make, this too shall pass..., and you can make it! You will get out of this mess! Today, thinking of you and praying for you... Try not to take emotional decisions... breathe more deeply and relax the tension in your your shoulders...
     
    • Like Like x 1
  3. MikePeterson

    MikePeterson
    uix_expand uix_collapse
    Member

    Joined:
    May 14, 2014
    Messages:
    41
    Likes Received:
    1
    I agree with the above post Predbites. However, his answer is not exact to what you wanted, but you should do this. Because you are losing out your faith and confidence which you don't need to do right now. You can stick there and can wait for some good results. If you are facing a serious money problem, then you can join some part time work to fulfill your daily needs and in the meantime, you should try to get out of this mess as a successful person not as a loser.
     

Share This Page