Hi everyone, this looks like a great forum so I hope you can help. I'm 26 and currently running my own business so self employed. There is no debt in my business and nomassets as I am paid for my time as a personal trainer. I have about 20k of personal debt and my current income is around £600 p/m as I am slowly building up clients. I have pretty much put all of my savings into my business, which to be fair wasn't that much. I wanted to ask what will happen if I go bankrupt? I used to be self employed years ago but as I was young and silly never sen off my self assessment as I didn't have a clue what I was doing, I was then employed for 3 years until October last year when I went self employed again. I have never been chased by tax man, just a letter every now and then telling me what my fine was. I know it's silly to ignore it, but with depression and anxiety problems from debt I chose to block it all out. I have just finished my first year in business but my accounts are yet to be done. If I go BR what will the OR want to see from me? Would bank statements be ok? And will he want to see my old bank statements from being self employed as that was 4 years ago now? I was employed for 3 years in between paying tax but not sure what they will and will not want?
Any help would be great as although the thought of being debt free is amazing, I fear I'd be the one who gets slapped with restrictions for years which would pretty much be the end for me!
Also I'm getting married in sept next year, so would still be bankrupt when I do, will this affect it in any way?
Hi everyone, this looks like a great forum so I hope you can help
Posted - 23 October 2011 : 13:22:46
