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Monday, 13 February 2012 09:03

Could I Go Bankrupt?

I owe tax from 2005 - 2012 and i am being taken to court and am being asked to pay over 12000 which i am un able to pay. in any shap or form. this as all started after i left my spouse


Yourquestion:   could i go bankrupt?. I am working as a self employed taxi driver. and can only just aford to pay living expencies sometimes not even able to pay gas electric .
Published in Should I Go Bankrupt?
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Tuesday, 18 October 2011 07:17

If I Go Bankrupt Will My Taxi Be Taken?

Had my house repossessed in 2010 , have 40k of debts 10k second mortgage - I'm a taxi driver and have a taxi in my name worth approx 4k -it's not mine I rent it but it is in my name - if I go bankrupt which tbh I have no choice ,is there any danger of the taxi been taken
Published in Job Related
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If you have a serious debt problem, bankruptcy can free you from your debts within 12 months. As a solution for dealing with serious debt, bankruptcy is a last resort. Other debt solutions need to be explored first, to help determine if bankruptcy is the right debt solution for you.

 

Your financial affairs are put into the hands of an Official Receiver or Trustee, who will control all your assets - and if you own a property, this will also be included. These will be sold and the money used to pay as much as possible to your creditors.

 

There are consequences to bankruptcy which will affect your finances and work life. You may struggle to borrow money, for example, and will not be able to apply for certain jobs.

 

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