I'm sorry for your situation, you certainly aren't going to be alone this year. Have you tried to sell or transfer the lease? Have you told the landlords you are closing the shop and offered to make reduced payments? I'm sure you have. The government is putting together schemes to support small businesses, perhaps you could get further advice from your bank.

Are the Landlords threatening you with bankruptcy? Or do you have other debts which you feel only bankruptcy can resolve? You should take advice from an insolvency practitioner or a free debt advice service.

No one can give you a definitive answer as to whether you would lose your house in bankruptcy. When you are made bankrupt all your assets become bankruptcy assets except for essential household goods and certain other items. This would include your share of the equity in your house.

However with your house being in negative equity it is unlikely the Official Receiver in bankruptcy (OR) would be interested in repossessing your home. The OR has 3 years to take this action so if house prices rise it may happen at a later stage, however it should be possible for your partner to buy your interest in the property for a nominal sum.

You must not transfer any asset into anyone else's name, or hide assets from the OR, this could be very serious. It will not protect your property as any transfer could be reversed by the OR.

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