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 Can I file for bankruptcy ?

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T O P I C    R E V I E W
Robert.j Posted - 24 July 2015 : 22:34:03
I owe 50 grand to the tax man. I am 70 years old and have no savings and own a third of a property. I get £600 per month pension and at the moment pay £500 to tax man I can no longer afford to do this can I file for bankruptcy??

Thank you
3   L A T E S T    R E P L I E S    (Newest First)
Viki.W Posted - 25 July 2015 : 15:13:27
If there are no other debts then your share of the equity is more than your debt so you're not insolvent so therefore can't declare bankruptcy.

Have you spoken to HMRC to say you can't afford payments?

Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp
Robert.j Posted - 25 July 2015 : 13:00:25
The value of the property is approx. 350,000 the mortgage left is 80,000, no other debt and I live here

Thanks
quote:
Originally posted by Viki.W

Hi Robert,

what is the value of the property you own a third of? How much is outstanding on the mortgage? Do you live there? Have you any other debt?

Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp



Viki.W Posted - 25 July 2015 : 01:18:17
Hi Robert,

what is the value of the property you own a third of? How much is outstanding on the mortgage? Do you live there? Have you any other debt?

Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp

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