Bankruptcy worries

BRqueries

Hello. Likely to be going bankrupt in the next few weeks. Absolutely terrified. My debt is massive and the reasons for it complicated and traumatic. Probably facing a BRU as well unless my OR is sympathetic to what has happened to me and why I have made the decisions that I have. This is all extremely shameful and scary for me. My mental health is the worst it has ever been. I’ve not had a straightforward life but this is the first time I’ve ever been truly afraid I am going to hurt myself. Being hit with a BRU or getting into trouble for some reason would affect my job which I worked my entire life for. I am scared that might push me over the edge.

I just got in from the GP who thinks I am not in a state to work. I will be making arrangements about this tomorrow. I am self-employed.

Not sure what I was expecting posting this. It just all feels too much. Happy if anyone wants to share any experiences or advice that might help.

When I do take time off and am not earning, could the OR still seek an IPA based on past/average/future income capacity or is it purely based on whether there is a surplus in the present?

Grumpelstiltskin

Have you spoken to Business Debt Line?


Debt advice | Free Debt Advice and Support | Business Debtline

Although you feel that you are the only person in this situation they will tell you that they have seen every possible situation and you will get over this.

Just don't panic.

la531983

BRqueries said:

When I do take time off and am not earning, could the OR still seek an IPA based on past/average/future income capacity or is it purely based on whether there is a surplus in the present?

Its based on the present. They cant, and dont, make you pay anything when there is nothing.

On the flipside, if you find a job you legally have to tell them so the situation can be reassessed.

Grumpelstiltskin

ADD I am assuming the OP is self employed, I don't think it is clear if they are.

MyWorldIsOver

I'm going through the EXACT same thing right now - self employed, very large debt, having to reduce hours going forward due to mental health, expecting a BRU and going bankrupt in the next couple of weeks.. you are not alone at all!!!
I wish I could give you advice but all I can say is you're not the first and you certainly won't be the last, whilst we may not feel it now I try and remember so many people have done this before us and 99% of people say it's the best thing they did even if it didn't feel it at the time xxxx

ManyWays

Being hit with a BRU or getting into trouble for some reason would affect my job which I worked my entire life for. I am scared that might push me over the edge.
A BRU is not a criminal offence. I cant think of a job where it's ok to go bankrupt but not to get a BRU. Yours may be the exception, but you could say more about this, as you may be worrying about this unnecessarily. 

When I do take time off and am not earning, could the OR still seek an IPA based on past/average/future income capacity or is it purely based on whether there is a surplus in the present?
It is based on your actual income, not what you might get if you get better in the next few months. 

I echo the suggestion to talk to Business Debtline.  You need some support from a debt advice service that specialises in the self-employed. Eveven if you are sure bankruptcy is your best options, take an hour of your time to talk to them and they can also talk through BRUs and IPAs as well