Second time Bankrupt

alstead

I when bankrupt back in 1995 and now unfortunately I think I need to do it again. Douse anyone know how long it is for discharge for a person on there second bankruptcy?
Thanks in advance

fermi

1 year. Same as a first one.

alstead

From memory the first one was three years ?

My only creditor is the inland revenue they are chasing for for £27K this is all estimated and fines for not making returns when I was self employed 5 years ago. I never kept good records then and didn't have the account made up by an accountant so i dont actually know what the tax implications would be. If I look back I guess I must have been earning 45K a year to keep the rent going and all the expenses. Luckily after the first bankruptcy nothing has ever been in my name so ive got no assess. I would like to come to an agreement with the inland revenue but all I get when I call them is them telling me that there is no one i can speak to re-a deal Pay up or Else!
For me to get an accountant to try and sort out the missing years off accounts would probably be impossible and would be a lot of guesswork and cost £XXX that could go to a settlement if only I could get to talk with someone.
Ive been trying to talk with them over the last year and now I feel the easiest way out is to go BR.

Just some background for you
thanks in advance

Cobalt77

You can make an application under the Data Protection Act to get all your bank statements for say at least the last 6 years. The most your bank can charge you under the DPA for this is a total "one off" fee of £10.

Maybe a good start, as it would show you a lot more accurately what your income and expenditure was?

alstead

Thanks geting the bank statements is only going to help so fare, it deducting the business expenses and working it all out that is going to be hard,, i have all the old receipts loads of them all filed away somewhere. The cost for someone to do all that will be say for 5 years of books 2 two 5K. only to state that the £27K is that is made up of about 9K fines is underestimated by £xx I havant got the funds for the 27K let alone more.I wanted to suggest that I give them the accounts fee and whatever Ive got around 8K and we call it quits or I go BR.

Flyright

You're probably looking at a BRO for neglect of your tax affairs.

nonnatus

Having already gone BR once, surely you of all people should have taken a little more care looking after your finances??

By burying your self-employed head in the sand for five years you've created a lot more problems now. BUT if you have the receipts and can get hold of the bank statements, you'd be surprised what a good Accountant will be able to do.

Yes, it will cost YOU some money, but it's YOUR fault that you're in this mess. By having to pay to get things sorted, it might remind you, in the future sometime, that you need to avoid a possible THIRD bankruptcy :cool:

alstead

Do I take it that its a bankruptcy order?

alstead

nonnatus wrote: »

Having already gone BR once, surely you of all people should have taken a little more care looking after your finances??

By burying your self-employed head in the sand for five years you've created a lot more problems now. BUT if you have the receipts and can get hold of the bank statements, you'd be surprised what a good Accountant will be able to do.

Yes, it will cost YOU some money, but it's YOUR fault that you're in this mess. By having to pay to get things sorted, it might remind you, in the future sometime, that you need to avoid a possible THIRD bankruptcy :cool:

All the above is taken on the chin and now im seeking help to dig myself out of this situation
Hindsight is a fantastic thing

fermi

alstead wrote: »

Do I take it that its a bankruptcy order?

This: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/455873/bankruptcy-restrictions-orders.doc

Not a given, even for tax debts, but is something to bear in mind.

alstead

fermi wrote: »

1 year. Same as a first one.

Can you point me to any legislation on this time scale? I was under the opinion it was 5 year for a second BC
Is it because my first BC was so long ago?
Are you suggesting that I would be made BC for a period 3 or 5 years but could apply for discharge after one year?