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 Can I file for bankruptcy ?		  New Topic  Reply to Topic
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Robert.j
Starting Member



2 Posts
Posted - 24 July 2015 :  22:34:03  Show Profile  Visit Robert.j's Homepage  Reply with Quote
I owe 50 grand to the tax man. I am 70 years old and have no savings and own a third of a property. I get £600 per month pension and at the moment pay £500 to tax man I can no longer afford to do this can I file for bankruptcy??

Thank you

Viki.W
forum expert



United Kingdom
2211 Posts
Posted - 25 July 2015 :  01:18:17  Show Profile  Reply with Quote
Hi Robert,

what is the value of the property you own a third of? How much is outstanding on the mortgage? Do you live there? Have you any other debt?

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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Robert.j
Starting Member



2 Posts
Posted - 25 July 2015 :  13:00:25  Show Profile  Visit Robert.j's Homepage  Reply with Quote
The value of the property is approx. 350,000 the mortgage left is 80,000, no other debt and I live here

Thanks
quote:
Originally posted by Viki.W

Hi Robert,

what is the value of the property you own a third of? How much is outstanding on the mortgage? Do you live there? Have you any other debt?

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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Viki.W
forum expert



United Kingdom
2211 Posts
Posted - 25 July 2015 :  15:13:27  Show Profile  Reply with Quote
If there are no other debts then your share of the equity is more than your debt so you're not insolvent so therefore can't declare bankruptcy.

Have you spoken to HMRC to say you can't afford payments?

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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