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T O P I C R E V I E W
Phil.0
Posted - 22 November 2011 : 18:34:21 What is covered by the term "non-dischargeable debts"? What happens to any tax-debt I owe HMRC currently - or that may fall due during the 12 motnhs of my bankcruptcy?
1 L A T E S T R E P L I E S (Newest First)
Richard P
Posted - 23 November 2011 : 12:54:57 HI Phil
Non dischargable debts, are things like court fines, student loans
technically a secured debt is not included but when it becomes unsecured ie a house is sold the shortfall debt is then included.
(sure someone will post official definition)
on the date of petitioning for bankruptcy any debts including HMRC are included in teh debt.
any debts incurred after court date will need to be paid by the individual.
tax due in the financial year of bankruptcy is slightly different as The OR wants first dibs and not HMRC. (although both want to claim)
