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xmas baby
Average Member
537 Posts |
 Posted - 28 November 2008 : 16:09:12
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Afternoon everyone!
I am considering bankruptcy, however I am worried I may get the sack from my job because of it. I don't exactly work in Finance but I do process invoices and manage departmental budgets (no hard cash involved). If I did do decide to go bankrupt and in the worst case scenario, I was fired, would I be able to claim housing allowance/income support? Sorry to sound so dim, but I have never claimed income support and don't know what would happen in this instance. How would I pay my rent, food, heating etc?
Sorry!!
xmas baby |
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RHB
Senior Member
1159 Posts |
Posted - 28 November 2008 : 17:02:08
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| If you DID get the sack, there is nothing to stop you getting another job so hopefully it won't come down to needing incone support!!! Bu if you were to be jobless the benefits system is in place to ensure you have sonewhere to live & money for food & heating etc. |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 28 November 2008 : 18:24:35
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Hi Xmas baby
the job role you describe isn't one that is restricted by Br. I would encourage you to get a copy of your employment contract and see what is says about br.
If you are desperately keen for the company not to know, and are not obligated to tell them , you might consider going Br at the end of Jan or in Feb.
This would leave insuficient time for the Tax Office to change your tax code to NT ( no tax ) for the balance of the financial year, and therefore your HR dept / payroll are unlikely to find out
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK
www.revivauk.com |
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pix1
Average Member
689 Posts |
Posted - 29 November 2008 : 13:04:32
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Might be better to wait until early March 09 as that is just before the end of the tax year.
As Paul says, you must look at your t&c's of employment. If there is nothing about bankruptcy then it should be safe to assume it is ok to go br and keep your job. Also, if there are any professional bodies you need to be a member of (FSA springs to mind?) please check what they say about membership vis a vis bankruptcy. Of course, there is no reason why you could not telephone your HR dept anonymously (assuming the person won't recognise your voice!) and ask them what the company policy is.
If you did leave your job due to dismissal for going BR my guess isthat you could claim benefits but maybe the state people would try to say the reason was not sufficient, I don't know.
Godd luck. |
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xmas baby
Average Member
537 Posts |
Posted - 01 December 2008 : 12:40:33
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Thanks everyone for the advice. I have asked my employer to send me my employment contract, so I will take a look at that first and see if it says anything about BK. I'm still a little confused though, when you both mention leaving it until the end of the current tax year, before petitioning for bankruptcy. This wouldn't be a problem and would actually give me a bit of time to sort out new bank accounts, etc, but you mention that if it is left until the end of the tax year, my employers might not be told if I go bankrupt during this time. Why? Will it not appear in the new tax year then? I'm very confused....sorry for being so dim.
Keith |
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movin on
Average Member
United Kingdom
946 Posts |
Posted - 01 December 2008 : 12:49:16
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Hi Keith
Im certainly no expert but i think it has got something to do with an nt tax code.
Basically if you went br feb/march (for example), there would be no time to implement an nt tax code, so your employers would not know about your br, which is good if you would rather keep it to yourself and your contract says you dont have to inform them.
If you went BR after april, then that is in the new tax year. therefore your Payroll dept. would need to be informed about changing the code.
And Keith, you dont sound dim at all - you need to know all your options before continuing.
Onwards and Upwards is the way im going :-0)
xx |
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xmas baby
Average Member
537 Posts |
Posted - 01 December 2008 : 13:06:45
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Thanks moneyworries. I think I get it now. But will my employers be told about the tax code in the new financial year? I am waiting to see what my contract says about informing them or not of bankruptcy. Although saying that, at the moment I just want it all the end and maybe losing my job would at least be better than losing my mind.
Keith |
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movin on
Average Member
United Kingdom
946 Posts |
Posted - 01 December 2008 : 13:15:43
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From what i understand, if you manage to get the timing right and avoid the nt tax code for this year, then no your emplyers wont be informed because you would have gone br in this tax year, and they only put you on the nt tax code for the rest of the tax year you go br.
So if you went br after april then you would have the nt tax code for alomst a year.
I know its hard getting your head around it all, but once you have made a decision and got your heard around all the pro's and con's then it will start to fit into place.
Onwards and Upwards is the way im going :-0)
xx |
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movin on
Average Member
United Kingdom
946 Posts |
Posted - 01 December 2008 : 13:18:05
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Keith
Forgot to add it may be worth you checking the local county court just to check if you need to make an appointment or can turn up. As depending on where you live there could be quite a waiting list. I have heard from someone off the forum having to wait a month for an appointment, as they are so busy.
Onwards and Upwards is the way im going :-0)
xx |
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xmas baby
Average Member
537 Posts |
Posted - 01 December 2008 : 14:32:06
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Okay, will do that. Thanks moneyworries... and everybody else who has helped me over the past few weeks.
Don't know how I would've coped without your good advice and support.
Keith |
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movin on
Average Member
United Kingdom
946 Posts |
Posted - 01 December 2008 : 20:51:47
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Keith, you are more than welcome and no doubt you will be answering something i dont know soon. 
Good luck and keep us updated..
Onwards and Upwards is the way im going :-0)
xx |
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Afternoon everyone!I am considering bankruptcy
