I am self employed and considering declaring myself bankrupt. Am I able to reduce my income by working less to avoid having disposable income even although my current income would give me disposable income of approximately £300.00?. If it makes a difference, a proportion of my income is made up of an RAF pension.
You may choose where and when you work and who for. The OR simply assesses the situation at any given time and takes a proportion of any surplus that exists.
Do remember that the OR will only take 50-70% of any surplus and so you would not want to halm your own business in order to avoid an IPA
The OR may request pay/bank statements from you so will be able to see your recent income. If it is suddenly reduced they may ask why and if you do not have a valid reason (reducing your income to avoid an IPA is not a valid reason) then it 'may' cause you problems in the future as the OR will look very closely at your case.
sorry not knowing all of your circumstances my reply may be well off the mark but please take it with the positive support that is attached to the email.
If you have a business that is doing reasonably well in the current climate, you have a good disposable income, the question is, Is BR the right course of action for you ?
I had a coffee with Ken / Paul at Reviva (link to the left under experts) the other day (yes biscuits as well) they had been speaking about a new part of their business "concept 180", not certain if you would fit the criterea but could be well worth a coffee and chat.
I certainly would like to enlighten further because I think that they have produced a brilliant package and i think that it may help a lot of smaller private businesses and the owners or self employed people from going to the wall.
others may do a similar but i have not heard anything like it. Wish i had heard of it before BR
To be honest I do not know the full mechanics and do not want to "steal the experts thunder" perhaps Paul (Reviva) or Jblackadder or another sucsess story would be prepared to share a case study.
self employed and considering declaring myself bankrupt
Posted - 07 January 2010 : 15:07:50
