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edstudham
Starting Member
2 Posts |
 Posted - 23 October 2011 : 10:44:11
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Hi everyone,
Im hoping that some of you guys can help as I'm having a bit of a panic. I have decided that bankruptcy is going to be one of my best options to clear all of my debts as working out that evn if i pay £500 a month it will take me 4 yearss to clear and about £50 would be a push at the moment.
So I am currently self employed as a Personal Trainer (not the booming rich industry I thought! lol!) and earn approx £600 p/m which is paying my rent council tax and utilities, and my partner pays for food and all other bills. I have no spare money and my partner and parents are helping out. My debt is all personal as my business is just my time.
About 4-5 years ago I was self employed as a gardener but had no clue about business and never did any books, tax returns etc. I got a £100 fine as many do, but then just ignored it all and went back to work as an employee (silly to ignore it but when you have depression and anxiety attacks from debt then its just something you do, as Im sure others have done), i worked for 3 years at one place then in Oct 2010 went self employed again. My accounts havent been done yet for this year but I have all of my bank statements which can show I earned bugger all!
What will the OR want to see from me? My main concern is that they will slap my with restrictions for years and years and that will probably be it for me!
What is the likelihood of this in my current situation? And will bankruptcy have any effect on me getting married in Sept 2012, my partners parents are paying so its not money that im saving myself.
Any help would be great!
Cheers
Ed |
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Blackie
forum expert
United Kingdom
565 Posts |
Posted - 23 October 2011 : 11:13:07
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Hi Ed
This is a very common problem and really nothing that you should be worried about. You have tried to better yourself and earn more money for a comfortable lifestyle. The only thing of which you could be guilty is that you kept no books whilst you were self employed and therefore were unaware of your financial situation at any time. You may have been insolvent for some time although, in your favour, like a large number of self employrd people, you think that you may be able to trade out of your situation. As a result of the above, The Official Receiver MAY view this as irresponsible although I would suggest that this is unlikely.
Your bankruptcy should have no bearing on your impending nuptials especially as your prospective Father in Law is footing the bill. However your credit report will be sullied for six years which would probably preclude you from obtaining credit in your name.
Hope all goes well but do come back if you have further questions.
John Blackadder
Bankruptcy365
For help and advice on the easiest and most effective way to a debt free future, please go to www.bankruptcy365.co.uk. |
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Help for a terrified person!
