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threestoreymadness
Starting Member
United Kingdom
3 Posts |
 Posted - 11 June 2012 : 12:19:05
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Hey
Been lurking for a while and think you are all marvellous for the advice you give. I have a whole range of problems and not sure what the best thing to do is - any advice gratefully received.
Right here goes!
We have endless amounts of bills that we cannot afford to pay ever - they are straight forward they would be included in the bankruptcy. We then have a loan which is guaranteed by a family memeber what would happen to that? We then have another loan with a local person who we know really well we would really want to try and find the money to keep paying that could we do that? We also have some court payments that need to be paid becuase of a crime - can these be included in the bankruptcy? What happens about your wages and the tax that you pay - I have seen that sometimes your tax code gets reduced I dont understand how this works. I also had a business that has closed I have a loan from this that is also guaranteed by a family memeber what would happen to that and can I include all of my business debts in the bankruptcy? I am going self employed next month and know that I cant be invokved in the start up of a business or such but what about if I am just a sole trader just me can I do this or not at all? Also I have a car with nothing owing on it, its worth about £2.5k but the childrens school is about 2 miles away so use it for that would this be ok? Also we have an old van worth about £500 which my hubby uses to get to work and back would this be ok? Also have lots of old council tax orders are these all wiped too and also what about money owed to the Inland Revenue from the business would this get wiped or would I have to carry on paying?
Told you it was long and windy!!! Any help? |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 11 June 2012 : 16:52:40
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Hi,
The family member that has guaranteed the loan will be liable for it once you go bankrupt.
You can't keep paying the local person, that will be included in the bankruptcy.
Any criminal fines can not be included in bankruptcy.
Any tax for the financial year you are made bankrupt would go to the OR.
Were you sole trader or limited co. If you have any debts as a sole trader then you can include them in BR, also any personal guarantees you gave if limited co.
Again, if someone has guaranteed any of your loans, they will be liable for them.
You can be a sole trader.
Car may be at risk if you don't need it for work purposes.
Is your hubby going BR too? If he needs the van for work then it'll be fine.
Council tax from previous years will be included also income tax.
Please speak to an expert and chat all of this through.
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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threestoreymadness
Starting Member
United Kingdom
3 Posts |
Posted - 11 June 2012 : 22:04:59
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Thanks for that - thats all fine. I think we might sell the car and get a cheaper runaround for the next year or so. I have got letters off all the creditors from the business stating that the debt is now in my personal name so thats ok they can be included. Its paye and income tax and VAT from the time my business was open 2010 - 2011 so covers tax years 2009/2010 and 2010/2011 and 2011/2012 how does this work. I pay back a monthly amount to them now. Hubby going BR too yes.
Thanks
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 12 June 2012 : 06:48:27
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You will stop paying the monthly amount as all the debt will be included in the bankruptcy for all the years mentioned.
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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James Falla
forum expert
45 Posts |
Posted - 12 June 2012 : 17:02:05
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Hi threestorymadness
As Viki has said, if your business debts are the result of a sole trading business then you owe them personally and they must be included in your bankruptcy. Any HMRC debt you have will also be included and as Vikki says any direct monthly payments your are making to HMRC will stop. However if you can afford to pay anything topwards your debts you will have to do so in the form of an income payment agreement.
Debt solutions expert and author.
If you would like further help or guidance visit www.beatmydebt.com
Alternatively I can be contacted via e-mail: james@beatmydebt.com |
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threestoreymadness
Starting Member
United Kingdom
3 Posts |
Posted - 12 June 2012 : 21:48:14
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| OK cool thanks - I have written to all of my business creditors explainin g that the business is now closed with no assets to sell and asking what they are now going to do about the debt whether they will pursue as a personal debt. Once I have all of this info I can then go forward with the bankruptcy. As regards my new business which will be completely different and just me on my own with a business name is this ok? I know I cant be a director but is this ok for me to be self employed? I work full time at the moment but just cannot justify the childcare every month so am going to work part time and look after the children. Do the OR or court mind you changing your job/hours before bankruptcy? |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 12 June 2012 : 22:48:15
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You can be a sole trader and the OR won't be interested that you have changed your working hours.
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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pcoventry
Junior Member
United Kingdom
235 Posts |
Posted - 13 June 2012 : 14:47:51
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I am not sure how the OR will deal with the car. Mine is worth much less but they have said they are having it. Even though I will lose my job because I have to travel 20 miles to get there.
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year 2029
Average Member
590 Posts |
Posted - 13 June 2012 : 17:06:10
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Surely you can contest that then?
Effectively its required for your work?
Debtinfo?
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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debtinfo
forum expert
2826 Posts |
Posted - 13 June 2012 : 18:19:07
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Year2029
that doesent sound like the whole story, im sure there must be more to it
If it was the only car they owned and it was required for work 20 miles away, it was roadworthy and it wasnt worth much there is no way the OR would take it |
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year 2029
Average Member
590 Posts |
Posted - 13 June 2012 : 19:18:48
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True, I thought you may have been able to shed more light on it, or ask a 'relevant' question to clear it up.
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 14 June 2012 : 08:22:57
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He did actually post a thread on it yesterday saying that he had had a car gifted to him (that was the title) but it was very quickly deleted so I don't know if there was anything more to the story.
Ascend may you find no resistance
Know that you made such a difference
All you leave behind will live to the end
The cycle of suffering goes on
But memories of you stay strong
Someday I too will fly and find you again
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year 2029
Average Member
590 Posts |
Posted - 14 June 2012 : 16:11:23
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Something not quite right then?
A few more details would clear things up maybe.
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Views expressed are my own personal views, based on what has happened during my own BR process unless otherwise stated.
Professional advice should always be sought. |
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Newbie desperate for help!
