Help and advice for the seriously confused

downhillfast

Can't really offer you too much advice for your particular situation although I have been through bankruptcy involving the loss of a business but it was a much different situation to your's.

However, I just wanted to wish you luck with your journey - things will get much better once the weight of this juggling of finances is lifted. I've just passed the point where my BR has fallen off my credit history and 6 years really does go quite quickly once you get use to not relying, or being able to obtain, credit.

One thing I will say though is make sure you take sufficient downtime from work if you do go BR - there is no point making yourself ill trying to earn a huge amount of money only to have the OR impose an massive IPA - which at your current level of income is exactly what you'll be getting. Bankruptcy is not the easy way out at all but equally it is there to ensure people can get on with their lives, albeit in a much more frugal manner for a while.

One last thing (assuming your username does actually mean you have 3 dogs) getting rented accommodation with dogs and bad credit rating is really difficult but not impossible - don't expect to get your dream rental but don't let anyone fob you off either.

Good luck

:beer:

dextersmum_2

If you do decide this route, be prepared for some very probing questions and who you got into this debt, the OR will wont to know why you didnt pay the tax bill etc, they will be looking to see if you were culpable of your insolvency, they investigate this with everyone.

If you are found to be so, further restirctions can be put on you after the initial discharge which is 12 months .

i didnt think you could operate as a director or company secretary , i dont think any business bank account will allow you to continue to use their services.

You need a massive amount of proper advice, but remember most of the above can be handled, but your biggest problem will be if you get a income payment award.

capeverde

dextersmum wrote: »

If you do decide this route, be prepared for some very probing questions and who you got into this debt, the OR will wont to know why you didnt pay the tax bill etc, they will be looking to see if you were culpable of your insolvency, they investigate this with everyone.

If you are found to be so, further restirctions can be put on you after the initial discharge which is 12 months .

i didnt think you could operate as a director or company secretary , i dont think any business bank account will allow you to continue to use their services.

You need a massive amount of proper advice, but remember most of the above can be handled, but your biggest problem will be if you get a income payment award.

With respect, what some people may think taxing, others would see as a walk in the park. I suppose its what you are used to dealing with in life.

Everyone is 'culpable' for their bankruptcy, nobody else borrowed the money on your behalf!! People make mistakes, things happen, you have to deal with it and move on. The receiver is basically a box ticker and doesnt have the time or inclination to delve that deeply into your affairs. He wants to be assured you haven't acted fraudulently, but that has to be detached from other words like stupidly or foolishly etc.

You can get dispensation to be a company director, but that isnt the case here. The OP is in a partnership which is totally different.