Bankrupcy question

Maginpie

I'm considering bankruptcy. I have Hmrc tax debt and its way too much than I can ever repay. I was stupid and hold my hand up.

In already in a debt management plan and have been for the past 8 years. Bankrupcy seems the best way forward as I have no assets, I rent and now have a permanent job.

My main concern is the fact I'm renting, I've rented for years even with the debt plan and been where I currently am for 3 years, have another 10 months on the agreement, they usually just renew but I'm just worried ill have to tell them. If I loose the houwe ill have to move back to my mums and that means is have to leave my job as she lives half way across the country.

Also I'm looking to set up martial arts classes will this income be taken into account also?

luvchocolate

Hi, my landlord was not informed, the examiner wanted to see the tenancy agreement and confirmed they would not be notified, I continued to live there for another 4 years.
Any income you make will be taken into account, if it looks like you will have a surplus from starting a new project it may be better to wait until after you are discharged.
I would suggest you read all the stickies and also speak to to one of the debt free charities.

National_Debtline

Hi there,


Check the terms and conditions of your tenancy. If there is an 'insolvency clause' then you may have to tell them about the bankruptcy and that would mean they may then end the tenancy. However, if there is no such clause and they do not do a credit check when they renew the tenancy, then it is unlikely they will made aware of it at all.


Luvchocolate is right about your new project. It will be a self employed income and it will be taken into consideration for a potential Income Payment Arrangement (IPA). You will also need to make sure that you register again for your self assessment tax etc.


Bankruptcy is a big option so getting some free advice from one of the debt charities is a good idea.


Laura
@natdebtline

london1973

my landlord wasn't informed either, he's a friend so I can say that with confidence! I also had to submit my tenancy agreement

debt_doctor

Hi,
Bankruptcy clause or not, I have never known a bankrupt lose their rented property simply because they have become bankrupt.
What a landlord wants is someone who pays the rent and looks after the place they live in.
DD

TheGardener

Landlords generally are more interested in a) tenants paying their rent on time b) tenants being responsible and looking after the property and c) tenants who don't cause problems with the neighbours - anything else they are not that bothered about.
If you are not in arrears with the rent, there should be no problem.