uk bankruptcy question

H

hensteeth

Registered User
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3
Hi
I am considering uk bankruptcy, i have read lots of great info here over the last couple of years. A few questions.

I have revenue debt here, personal tax and outstanding VAT. Will this be inculded in the process.

I have judgements and judgements registered against property that is owned jointly, the other owner is not going bankrupt. What will happen to these?

thanks in advance.
 
sorry i also wanted to ask how long will i be likely.to have to remain in the uk after being made bankrupt.
thanks
 
hensteeth said:
Hi
I am considering uk bankruptcy, i have read lots of great info here over the last couple of years. A few questions.

I have revenue debt here, personal tax and outstanding VAT. Will this be inculded in the process.

I have judgements and judgements registered against property that is owned jointly, the other owner is not going bankrupt. What will happen to these?

thanks in advance.
Click to expand...

Hensteeth,

welcome,

All you Revenue debt will be written off in the Uk bankruptcty
If you have judgments secured against the house, they are secured against your equity in the property. if no equity these judgment debts are in effect worthless.When you go bankrupt your share of the property vests in the OR. He will disclaim it if there is no money in it for him, or he may sell your share of the beneficial interest to your wife as the bankruptcy progresses.

Finally you stay in the UK as long as it takes the Or to finalise the affairs on your bankruptcy. This can be as little as four months inn my experience.

Steve Thatcher
www.stevethatcher.ie
 
hensteeth said:
I have revenue debt here, personal tax and outstanding VAT. Will this be inculded in the process.

.
Click to expand...

I've been thinking about this for the last while, in relation to people who come to 'arrangements' with their banks. Revenue debt is not written off or dealt with unless you go UK/Irish bankrupt or Irish insolvency options.

So those who are coming to 'arrangements' should think long on hard on this. Specifically for non Paye workers, ie the self employed there could be income tax, penalties, VAT, for 'reluctant' landlords there is income tax, penalties, possible stamp duty clawback, NPPR, that's a whopper all on it's own.

The wonderful think about bankruptcy is that everything gets wiped. And you start with a clean sheet and can sleep easy at night.
 
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