I'm self-employed and have a dept of £29000.00 in unpaid taxes for previous 5 years. I'm still self-employed but soon will be promoted for a manager position. What consequences should i expect in case of filing of me bankrupting?
Hi Denis and welcome to the forum, I’m pretty new myself here too. If you decide to go for Bankruptcy all of your previous unpaid income tax will be included in to your BR(Although not the current year?) What are you self employed as? Being a Manager shouldn’t make a difference, but you should probably do some investigating in to how the company that you are working for feel about it, but to be honest it probably wouldn’t be an issue, check though! You can expect to serve up to a year in your Bankruptcy as a year is the full term, however quite a high percentage of people are being discharged between 6 and 8 months, so it can be all over quite quickly. Depending on what you earn and what your outgoings are will depict whether you pay into an IPA (Income payment Agreement) this is where you make a contribution of between 50/70 of your surplus income for a 3 year period to your creditors. We can help you with all of that if you decide that BR is the right route forward for you. For more help may i suggest that you give us some more information on what your working role is and any assets that you may have, the experts could advise you more accordingly then as there are possibly other things to consider first.
Make sure that you look into all options as well as bankruptcy - perhaps and IVA or a DMP could also work for you if you wanted to attempt to repay something to the creditors.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com
What consequences should i expect
Posted - 24 June 2008 : 01:46:37
