hello . i have an 18,000 tax bill after a 5 year investergation . the revenue want too make me bankrupt . iam unmarried but have a joint morgage my partner has defaulted on 2 loans and there is no equity in the property . will we lose the house if iam forced too go bankrupt . i have 2 small children and dont really want too lose my house . is there any option please thanks andrew jones
If your house is in negative equity, you would be unlikely to lose it. Your partner, or a family member or friend, can buy the Beneficial Interest back from the OR for £1+£211 court costs.
You do have to maintain the mortgage payments though.
Try to look at it this way - if you let the Inland Revenue follow through with their threat to make you bankrupt - you save yourself £495 - the costs of filing your petition in bankruptcy yourself, as from your post it does not appear that you can afford to repay this debt.
As always Kallis3 has given you some excellent advice so i will not bore you by repeating it.
Melanie Nicholas 28 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles
hello . i have an 18,000 tax bill
Posted - 24 March 2009 : 13:06:54
