help and advise on going bankrupt

gettingitsorted

stressfromdebt wrote: »

thanks guys/gals.

I just need to know about the Income tax side of things...(what happens with this?) and also the OR my situation is very straight forward i just started off with Credit cards then loans to pay off credit cards and then used credit cards and then loans just got higher.

i have no assests, i live in a private rented accommodation and have a job which i only earn around £14,500 pa. my partner who i live with is also going to be part of this with me coz we have joint loans he earns around £15,000 so its not alot between us.

what can the OR do with this situation.

Am i just worring for the sake of it or what...

When your declared bankrupt one of the forms you haft to sign from the OR is a tax one ,basiclly for the duration of your bankruptcy you will be put on a zero tax code and any tax payable on your income goes straight to the OR .

Richard_S

gettingitsorted wrote: »

Im sorry Rich i just cant help it

I've just read one of SFD's other posts and I think he/she is concerned about IPA's, NT codes, disposal of assets and basically O.R type things. Problem is I really am too bloody tired to post coherently and got another full day working tomorrow.

I'll have to leave it you GIS I'm one of those inferior human beings otherwise known as a male.

gettingitsorted

Richard_S wrote: »

I've just read one of SFD's other posts and I think he/she is concerned about IPA's, NT codes, disposal of assets and basically O.R type things. Problem is I really am too bloody tired to post coherently and got another full day working tomorrow.

I'll have to leave it you GIS I'm one of those inferior human beings otherwise known as a male.

typical light weight :rotfl:

Richard_S

gettingitsorted wrote: »

Rich did you see my reply to you on the bankruptcy or iva thread

Just seen it GIS,

Very amusing, I made up for lost time by including some pretty feverish tiling and blaming the paint for having caught the frost, I think I've escaped at the moment but will definitely be in trouble next time my O.H logs on and reads my posts :eek:

Hopefully, I'll have caught up by then and charmed her with my wit and good looks, er well to be honest, I'm ugly and boring but it'll be close enough to our hols for me to get away with it :T

Rich

gettingitsorted

Richard_S wrote: »

Just seen it GIS,

Very amusing, I made up for lost time by including some pretty feverish tiling and blaming the paint for having caught the frost, I think I've escaped at the moment but will definitely be in trouble next time my O.H logs on and reads my posts :eek:

Hopefully, I'll have caught up by then and charmed her with my wit and good looks, er well to be honest, I'm ugly and boring but it'll be close enough to our hols for me to get away with it :T

Rich

:rotfl: like your style