Bankruptcy questions

ianjameson

Hi I have a few questions regarding going bankrupt I was hoping you guys maybe able to point me in the right direction.

I am in my early 20s with around 20k-30k of debt, I rent a house and am self employed. The repayments have been missed allover the place and I am now at the point of filing for bankruptsy but am a little concerned because:

- I have council tax balifs after 800 from me, would this be included?
- I have attachment to earnings and 1 or 2 ccj's against me (I am in the process of rounding up exactly how much I owe)
- I have missed tax returns and despite earning very little in the last few years from my business have around 8k in 'calculated' tax
- My assests are less than £1500 but most of this is my laptop I use for my self employed business as a web designer.
- My business is a partnership but very little money in the company, but I am looking at the impact this would have.

I am worried that there will be some kind of penality for my debts being so out of balance with my assets and weather or not the tax and ccj stuff will be taken care of.

debtinfo

ianjameson wrote: »

Hi I have a few questions regarding going bankrupt I was hoping you guys maybe able to point me in the right direction.

I am in my early 20s with around 20k-30k of debt, I rent a house and am self employed. The repayments have been missed allover the place and I am now at the point of filing for bankruptsy but am a little concerned because:

- I have council tax balifs after 800 from me, would this be included? I cannot say that that it definitly as there is a very slight loophole, BUT i have never seen it enforced on anyone on these forums, so it is an almost definitly yes.
- I have attachment to earnings and 1 or 2 ccj's against me (I am in the process of rounding up exactly how much I owe)These will definitly be included ans the AoE will stop as long as it is not for CSA payments
- I have missed tax returns and despite earning very little in the last few years from my business have around 8k in 'calculated' tax It is better if you can show the OR what you have earnt, all tax owing will be included in the bankruptcy
- My assests are less than £1500 but most of this is my laptop I use for my self employed business as a web designer. As it is an essential tool of trade the OR should let you keep it
- My business is a partnership but very little money in the company, but I am looking at the impact this would have. Who is the partnership with, The partnership will be disolved on the making of the bankruptcy order. The OR will expect half the value of the business to be paid to him/her by the other partner. (bear in mind this might be half of nothing if the business does not have a value)

One thing to look at is do any of the projects you have done provide an ongoing income/do you retain any rights on worh the business has done

I am worried that there will be some kind of penality for my debts being so out of balance with my assets and weather or not the tax and ccj stuff will be taken care of.

Hope that helps, welcome to the site and feel free to ask what you need. You must make sure that you have taken some advice from someone like the CCCS, CAB, National/Business debtline. Have a look at the stickys at the top of the page

nervousmother

*EDIT* debt info your great and quick x

Just a quick reply, Yes TAX and council tax owed up to the date of BR is included.
The business partnership as far as im aware will be ended. You would be able to set up again after BR, any joint debts you have will fall on the OP.

Your laptop should be fine, most assets worth less than 1k are ok. for a car if it is worth less than 2k and needed for work you should keep it.

The attachment of earnings can be removed, all this wil be discussed with your OR.

Please take proffessional advice from the likes of CAB CCCS or national debtline.

debtinfo

look at the time though, hairs breath in it

script

It was a "photo finish" but debt won it by a neck..

A quick question for debt - are the following statements accurate?

in a personal B/R any business partnership is dissolved.

And in a Partnership B/R - the individuals are personally B/R as well.

Many Thanks.

debtinfo

both are correct

script

Thanks debt.

ianjameson

thanks so much for the (very!) quick replies!!! Really helpful to know.

I am wondering if any of you know what happens when it comes to live-in partners. For example I live with my girlfriend and in total honesty most of the big things in the house belong to her, we are not married so if I am bankrupt do they send balifs? how is this done, surly they take anything they can get their hands on else everyone would say everything belongs to someone else?

nervousmother

Baliffs do not come in BR. They do not take household goods/equipment unless you have a house full of antiques or items valued over 1k each..

nervousmother

The OR will request details of your partners income though, and what they contribute to the monthly bills.

ianjameson

wow thats great news, so is it really that simple that because i own nothing of value, no house, no car etc and have unsecured debt i can get rid of all this stress and unpayable loans etc from bankruptcy?

I know I should go to debt line etc now and try and get the ball rolling but any information from you guys is great to know before I start this.

thanks so much!!!