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| Iain.ph |
Posted - 16 August 2010 : 19:17:54
Hi, my situation is that I am fully employed, but am looking to become self employed. I am due to go bankrupt next month due to personal debt, but I have recently been getting more work (from my buisiness on the side) and dont want to turn down work and still want to become self employed. What would you suggest I do? really confused :-( thanks. |
| 7 L A T E S T R E P L I E S (Newest First) |
| IainDunne |
Posted - 17 August 2010 : 18:12:07
Ok thanks for the reply, just a couple more things, Would it be ok if I decided to also do my buisiness and be self employed as well as my job after the day im declared bankrupt, is it just a case of informing the or of the change? also I have equipment insured to around £600, would they take the equipment into the bankruptcy? Thanks!! |
| integritydebthelp |
Posted - 17 August 2010 : 17:49:32
you can do both but i would sugest the income and expenditure as it will definately give you a clearer guide to things. Before you go bankrupt i would advice you seek help from professional advisors who can look at your actual situation in depth from an impartial point of view. it is importnat that you are fully aware of all your income and expenditure before bankruptcy.
“A compassionate person develops an eye for spotting the qualities that make each person special. Even when others are at their lowest ebb, it is possible to help them restore their self-belief by keeping a firm, clear vision of their goodness and specialities. Taking a gently encouraging approach, I must never give up on anyone.” |
| Daniel Griffiths |
Posted - 17 August 2010 : 17:42:34
hi Lain
the object of bankruptcy is to free you from debt you cannot pay to allow you to pay what you can afford, but unlike the IVA bankruptcy cannot fail so if the self employment did not work out you are still relieved from the debt you cannot pay. if you do end up with a sizeable IPA then surely that is good for you and the creditors because it means you are now doing very well following bankruptcy |
| IainDunne |
Posted - 17 August 2010 : 17:31:59
Hi again, Thanks for your replys. To go into things a bit further I was in an Iva before but it failed, and I have had help from a company to exit the Iva and go into bankruptcy. I owe around £30,000
to creditors so I know I have to go bankrupt to sort the debts out.
I am a professional photographer aswell as work in a window factory full time, I do my photography on the side and recently I am getting a fair amount of work which could enable to get out of the window factory which is what I want, and do my photography buisiness full time. If I was to do both whilst being bankrupt would I get a big payments order? Thanks Iain. |
| Daniel Griffiths |
Posted - 17 August 2010 : 14:41:46
Hi Lain
What do you think is stopping you from becoming self employed following bankruptcy, you need to pose direct question to your concerns before anyone can help you |
| integritydebthelp |
Posted - 17 August 2010 : 11:38:57
You firstly need to gage if you can how much the approx income per month will be when you are self employed. I would suggest that you get an in depth income and expenditure done so you have a guide on where your finances are. Stalling bankruptcy might be an option depending on what the situation is with your creditors as they may be looking to make claims etc against you in the county court, and if that fails then the next steps are warrants of excection and bailiffs
If you go bankrupt then change your employment and income, then you do have to let the official receiver know and you will need to disclose your new income and expenditure.
It is safe to say that if you have more than £100 disposable monies left at then end of the month then you will get an IPA.
If you can get your income to average out on my companies experience it might be best you do go bankrupt first before you become self employed as we have lots of people in the same situation.
“A compassionate person develops an eye for spotting the qualities that make each person special. Even when others are at their lowest ebb, it is possible to help them restore their self-belief by keeping a firm, clear vision of their goodness and specialities. Taking a gently encouraging approach, I must never give up on anyone.” |
| Richard P |
Posted - 16 August 2010 : 23:45:28
Hi Iain
too little info to give you an accurate answer, at this early stage of the new business it might be as well to stall BR,
if as i hope the business accelerates you may be able to negotiate your way out of going BR.
speak to one of the experts to the left with your full scenario they will be able to direct / help
Richard |
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