Is it best to go bankrupt before new tax year

piemashandliquer

Can someone help me, my OH and I are both going bankrupt ASAP and both work and pay tax. I have seen somewhere that your tax code for the whole of that year will be nil.

We receive Housing benefit and am worried that this extra income will be used against us. Is this true and would I be best going BR before the end of this month in that case?

BoneHead

You'd be best doing what honest, decent folks do and paying your bills..............

piemashandliquer

Thanks for your helpful comment!! It was a genuine question and I wasnt wanting your opinion on my personal life.:mad:

Zara33

piemashandliquer wrote: »

Thanks for your helpful comment!! It was a genuine question and I wasnt waiting wanting your opinion on my personal life.:mad:

Maybe better if you post in the bankruptcy board, then you won't get judged as much as you will here

http://forums.moneysavingexpert.com/forumdisplay.html?f=136

BoneHead

It was a genuine response. Too many people simply declare themselves bankrupt to avoid paying debts accrued as a result of frivolous spending and living beyond their means.

You posted in Discussion Time. If you want to hear opinions that are aligned with yours then post in another board with like-minded people.

piemashandliquer

As I am new here as you can see I guess I put it in the wrong place!!

I just hope I am never so judgemental of people without knowing their personal circumstances however!!!!:mad:

Broken_hearted

You spent money now you arn't paying it back what more is there to know.

Nigella_2

Ring up Insolvency Service 0845 602 9848 or HB/NDL/CAB etc.

ceepee1

I agree that some people completely take the p*ss but I dont think its fair to generalise and presume everyone the same as you dont know the OP's circumstances. Presuming they were looking for productive information, not to be judged based on only a tiny piece of information being known.

Nigella_2

As the Debit Wizard says "It is not a crime to be in debt and a legal way to Discharge your debts!"

It is up to the OR to decide if you acted irresponsible and ultimately up to you in what you decided to do and how you live with your decision.

There are debates and arguments to pro's and con's but it is a free country!!!!!!

life is too short and money is only a part!!!

LizzieS_2

ceepee1 wrote: »

Presuming they were looking for productive information, not to be judged based on only a tiny piece of information being known.

They had already created more than one thread on similiar issues in the correct forum.

I've a feeling this one will soon become a regular in DT