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New here considering bankruptcy

hi all

I am reading through all of the information to try and help me make a decision. I have a large hmrc debt and am struggling to manage the monthly arrangement with them. I am a bit overwhelmed with all of the information on here so while I am looking through thought I would ask a question here and there for a quick answer.

Firstly is it better to apply for bankruptcy yourself or wait for hmrc. I suppose I am thinking does the OR see a self application as you taking charge to resolve matters or more that you are trying to evade debts or don’t they care who does it?

Secondly whoever applies, is a court hearing necessary can it be rubber stamped on paper? Or does that depend on who applies?


thanks in advance all

Comments

  • ManyWays
    ManyWays Posts: 2,219 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper

    If you apply for bankruptcy, it is done though an online application, no court is involved.

    The problem with waiting for HMRC is it may take years; so if you need a fresh start its often better to apply yourself.

    Are you self emplyed or with a small limited company?

  • beeteecee
    beeteecee Posts: 90 Forumite
    Second Anniversary 10 Posts Photogenic Name Dropper

    Same situ, although I have no arrangement for my HMRC debt unfortunately…I keep waiting for the HMRC to petition for bankruptcy but it doesn't seem to be forthcoming so I plan to apply myself within the next few weeks/couple of months once I find the courage/manage to save the money.

    I think it's probably a LOT less stressful to just rip the plaster off and get it done but I have yet to take my own advice here.

  • antonic
    antonic Posts: 1,981 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic

    Unless you have sufficient assets to cover the cost of making you bankrupt, HMRC won`t make you bankrupt UNLESS they deem it to be in the public interest to make you bankrupt.

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