Bankruptcy help .. what to expect

anon2848

OK guys.. i've gone and got myself in a right pickle.

I was self employed for 5 years, and got myself in a mess, which i can't see a way out of .... I am now fully employed and have been for 2 years, and still trying to find a way out.

Basically i have debts of around 25K owed to HMRC, and other CCJ's from when i was trading. I own nothing, live with my girlfriend, have a company car and mobile, and yet still only end up with around 150 spare cash at the end of the month.

HMRC are now looking at sending me bankrupt, which i am told by a few is the best end to my sleepless nights.

I do not depend on credit, nor have a mortgage or car, or any other assets... I would prefer to afford a repayment plan, but in reality this is out of my reach...

What can i expect from bankruptcy?

What will happen to my wages when the paper work goes in? Can i have them paid to my girlfriend when they freeze my accounts?

tigerfeet2006

Hi and Welcome to the Bankruptcy (BR) Board. First step is to make a list of all your creditors, debts and assets. Secondly and most important is contact one of the following debt charities. Please try these they don't charge and are impartial. They will go through all your options with you and if they suggest bankruptcy then come back to this board and we will help you all we can. Also if your not ‘clicking’ with one of the Debt charities do try another. We advise you to try at least two others for your own piece of mind. Your BR could be refused if you have not sought advice.

* Blue text on this forum usually signifies hyperlinks, click on the blue links below *
Main recommended sources of help:

• National Debtline - Website: National Debtline Telephone: 0808 808 4000
• Citizens Advice Bureau - Website: Citizens Advice or visit your local CAB centre (find nearest)
• StepChange (formerly CCCS) - Website: StepChange Telephone: 0800 138 1111

Others:

• Business Debtline
  - Website: Business Debtline Telephone: 0800 197 6026
• Christians Against Poverty
• PayPlan
• TaxAid - Help with tax debts.

Please don’t do anything rash take your time and weigh up your options and read everything you can.

We often ask you to post your SOA so we can see if you have included what you need to:-
MSE SOA Calculator - Click here
Select the MSE format at the end. Copy and paste onto your thread.

For ‘essential’ BR info the ‘Look here first’ sticky by Fermi.

BR friendly home insurance thread.

BR Friendly Bank Accounts ~ [Updated Sep 2012 re: Co-op Cashminder withdrawal]

BR Abbreviations

Beth's Guide Reasons for your BR

Charities who help with BR Fees

Bankruptcy NDL Guide

Basic Bankruptcy Advice & Guide NED CAB

If you are new/old to this board and receive/see a comment that is not helpful or insensitive please don’t let it put you off posting, often these comments are made by people who don’t normally contribute to this board and don’t speak for us.

What to do if you get an insensitive or hurtful comment.

And do remember we’ve all been through this and anything you don’t understand don’t be afraid to ask.

I would suggest that you talk to Business Debtline. You can open a bank account now. Have a look at the bank account sticky I linked to for BR friendly bank accounts.


Best wishes
TFxx

antonic

If HMRC want to make you bankrupt then you wont need to find the fees (approx £700) to make yourself bankrupt.

HMRC will add any court fees they incur to make you bankrupt into their bankruptcy claim.

You can write to the court and state that you dont oppose the bankruptcy, this may speed the process up.